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    Assignment 1.1 Prepare and Describe A Succession Scenario

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    mikheal beyber
    The document summarizes the estate of Tomas who passed away on November 1, 2018. His estate included cash, commercial property, vehicles, and a house valued at over P100 million. His only heir was Kiko. The executor filed and paid estate taxes in January 2019, and the properties were distributed to Kiko in February 2019.

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    Assignment 1.1 Prepare and Describe A Succession Scenario

    Uploaded by

    mikheal beyber
    62 views2 pages
    The document summarizes the estate of Tomas who passed away on November 1, 2018. His estate included cash, commercial property, vehicles, and a house valued at over P100 million. His only heir was Kiko. The executor filed and paid estate taxes in January 2019, and the properties were distributed to Kiko in February 2019.

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    Assignment 1.1 Prepare and describe a succession scenario

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    The document summarizes the estate of Tomas who passed away on November 1, 2018. His estate included cash, commercial property, vehicles, and a house valued at over P100 million. His only heir was Kiko. The executor filed and paid estate taxes in January 2019, and the properties were distributed to Kiko in February 2019.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    62 views2 pages

    Assignment 1.1 Prepare and Describe A Succession Scenario

    Uploaded by

    mikheal beyber
    The document summarizes the estate of Tomas who passed away on November 1, 2018. His estate included cash, commercial property, vehicles, and a house valued at over P100 million. His only heir was Kiko. The executor filed and paid estate taxes in January 2019, and the properties were distributed to Kiko in February 2019.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    TOMAS suffered an unexpected heart attack causing his death on November 1, 2018.

    His estate is composed of the following:


    Cash in Bank  -    P   10,000,000
    Commercial building  -   P 15,,000,000
    Cars  - P 15,000,000
    House & Lot in Baguio  - P 30,000,000
    KIKO is the only heir of the decedent. The remains of the decedent was cremated on November 8, 2018. The executor of TOM
    estate filed the estate tax return and  paid the corresponding estate tax on January 15, 2019. The properties left by the deced
    distributed to KIKO on February 14, 2019.

    1. When will the transfer of ownership from decedent to the heir take effect ? Explain.
    It will take effect on the same day the decedent died, in which it is on November 1, 2018. Based on SUCCESSION and GENERAL
    the rights to the succession are passed down from the moment of death of the decedent, notwithstanding the actual transfer

    2. When should the estate tax accrue ?


    The estate tax will accrue on November 1, 2018. Even if the executor is allowed to file and pay the corresponding estate tax w
    from the date of death, the estate tax due accrues automatically at the time of death of the decedent.

    3. Using the above information, make a scenario (situation) to illustrate each of the three kinds of succession: 

    Testamentary succession
    A last will and testament was made and was left by Tomas saying that all of his properties will be transferred to Kiko upon his

    Intestate succession
    Tomas was not able to make a last will and testament during his days. Leaving Kiko as the only legal heir qualified to receive th
    the decedent(Tomas). If an intestate or legal succession exists, in accordance with the law, the estate of the decedent will be d

    Mixed succession
    Tomas left a last will and testament saying that all of his properties will be transferred to Kiko upon his death and was dated o
    , approximately 11 months before his death. Let's assume that the commercial building earns a rental income lets just say it's
    buy supercars and NFT's, since the properties were acquired after the preparation of the will, the aforementioned properties w
    The mentioned properties were not included in the will, hence it's a mixed succession. Some of it will be transferred in accord
    the cars and NFT's will be distributed by the law.

    Honor Pledge for Graded Assignments


    “I affirm that I have not given or received any unauthorized help on this assignment, and that this work is my own.”
    is composed of the following:

    8, 2018. The executor of TOMAS's


    he properties left by the decedent were finally

    on SUCCESSION and GENERAL PROVISIONS, the Article 777,


    thstanding the actual transfer dated February 14, 2019

    he corresponding estate tax within six months starting

    of succession: 

    e transferred to Kiko upon his death

    egal heir qualified to receive the properties left by


    state of the decedent will be disposed of.

    pon his death and was dated on December 1 of 2017


    rental income lets just say it's 5,000,000 and was used to
    e aforementioned properties were not included in the will.
    t will be transferred in accordance with the will, while

    is work is my own.”

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