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Joshua James R. Cabinas Assignment #1 Tax 2 (3178) : Without

This document discusses key concepts related to transfer and succession taxes in the Philippines. It defines transfer as the transmission of property from one person to another, categorizing it as bilateral, unilateral, or complex. Succession is defined as the transmission of a decedent's property, rights, and obligations through death by will or law. The types of succession are enumerated as testate, intestate, or mixed. The elements of succession - decedent, estate, and heirs - are also explained. Finally, the document distinguishes the extent of the gross estate for resident/citizen decedents, non-resident alien decedents without reciprocity, and non-resident alien decedents

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Joshua Cabinas
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59 views

Joshua James R. Cabinas Assignment #1 Tax 2 (3178) : Without

This document discusses key concepts related to transfer and succession taxes in the Philippines. It defines transfer as the transmission of property from one person to another, categorizing it as bilateral, unilateral, or complex. Succession is defined as the transmission of a decedent's property, rights, and obligations through death by will or law. The types of succession are enumerated as testate, intestate, or mixed. The elements of succession - decedent, estate, and heirs - are also explained. Finally, the document distinguishes the extent of the gross estate for resident/citizen decedents, non-resident alien decedents without reciprocity, and non-resident alien decedents

Uploaded by

Joshua Cabinas
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Joshua James R.

Cabinas Assignment #1 Tax 2 (3178)

1. What is transfer? Discuss the types of transfer

Transfers refer to any transmission of property from one person to another.

Bilateral transfer Transmission of a property for a consideration such as sale and


barter, which are subject to business tax and income tax
Unilateral transfer Transmission of a property by a person WITHOUT consideration
such as donation and succession, which are subject to donors tax and
estate tax
Complex transfer Transfer less than full and adequate consideration and is subject to
Income tax.

2. What is succession? Enumerate and discuss the types of succession

Succession is a mode of acquisition by virtue of which the property, rights, and


obligations to the extent of the value of the inheritance, of a person are transmitted through his
death to another or others either by his will or by operation of law.

Testate or Testamentary Death with will, if written then the date and signature must be present
Succession
Legal or Intestate Death without will, therefore the government would manage based
Succession on existing laws.
Mixed Succession

3. Enumerate and explain each of the elements of succession.

Decedent The owner of the estate that will be transferred upon his/her death,
also called as testator
Estate The property, rights and obligation, also known as inheritance.
Heirs The person that would receive the estate by provision of a will or by
operation of law.

4. What is gross estate? Distinguish the extent of gross estate of each type of decedent
taxpayer.

Gross estate is consist of properties of the decedent, tangible or intangible, real or personal, and
wherever situated at the point of death
Resident or Citizen ALL PROPERTIES of the decedent, tangible or intangible, real or
personal
Non-Resident Alien PROPERTIES IN THE PHILIPPINES
without reciprocity rule
Non-Resident Alien with PROPERTIES IN THE PHILIPPINES except intangible personal
reciprocity rule properties

5. Enumerate the list of taxable transfers.

Transfer in contemplation of death


Revocable transfers including conditional transfer
Property passing under general power of appointment

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