Business and Transfer Tax Game 1
Succession and Transfer Taxation
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Topics of this game:
- Estate tax is a tax on the right to transfer property at death and on certain transfers which are made by law the equivalent of testamentary disposition and is measured by the value of the property.
- Estate tax is an excise tax.
- The taxpayer in estate taxation is the estate of the decedent as a juridical person.
- Estate tax accrues as of the date of the actual possession or enjoyment of the estate by the beneficiary.
- An Executor is the person appointed by a court to carry out the directions and request of a decedent in his will and to dispose of his property according to his testamentary provisions after his death.
- Intestate succession arises when there is transmission of properties in the absence of a will, or if there is a will, the same is void or lost its validity, or nobody succeeds in the will.
- Every will may be in writing and executed in a language not necessarily known to the testator.
- A holographic will is a will entirely written by a testator with his own hand and may be witnessed or attested.
- The will of an alien residing abroad produces effect in the Philippines if made in conformity with the formalities prescribed by law of the place in which he resides.
- A person has unlimited right to make donations in his last will and testament.
- The rights to the succession are transmitted from the moment the heirs receive their share in inheritance.
- The law presumes that every person is of sound mind in the absence of proof to the contrary.
- Brothers and sisters (whether half or full blood) of the decedent are NOT compulsory heirs.
- Brothers and sisters (whether half or full blood) of the decedent can be an intestate heir.
- There cannot be disinheritance for compulsory heirs.
- Relatives by affinity are strangers for estate tax purposes.
- An heir who inherits a specific personal property by will is known as devisee.
- A codicil is a supplement or addition to a will, made after the execution of a will and annexed to be taken as a part thereof, by which any disposition made in the original will is explained, added to or altered.
- Under the law on legitime, if the only survivor is the widow or widower, she or he shall be entitled to one half of the hereditary estate of the deceased spouse, and the testator may freely dispose of the other half.
- Representation is a right created by fiction of law by virtue of which the representative is raised to the place and degree of the person represented and acquires the rights which the latter would have if he were living or if he could have inherited.
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