1. Which of the following is NOT added to the inventory list of properties in computing
gross estate?
a. Merger of the usufruct in the owner of the naked title
b. Transfer in contemplation of death
c. Transfers in under general power of appointment
d. Revocable transfers
2. As a rule, all decedents are taxable on world estate, EXCEPT:
a. Non-resident alien
b. Non-resident
c. Resident alien
d. Non-resident citizen
3. Which of the following is NOT included in the gross estate of a resident or citizen
decedents?
a. Properties located abroad
b. Properties located in the Philippines
c. Properties not owned
d. Intangible personal property located abroad
4. Which of the following is the instance that the proceeds of life insurance designated by
the decedent to his/her estate are included in the gross estate?
a. Regardless if the designation is revocable or irrevocable
b. If the designation is irrevocable
c. Under no circumstances
d. If the designation is revocable
5. Which of the following is the instance that the proceeds of life insurance designated by
the decedent to his/her child are included in the gross estate?
a. Regardless if the designation is revocable or irrevocable
b. If the designation is irrevocable
c. Under no circumstances
d. If the designation is revocable
6. Which of the following is an inclusion in the gross estate?
a. Separate properties of the surviving spouse
b. Common properties of the spouses
c. Separate properties of the heirs
d. Properties acquired from group insurance
7. Which of the following transfers is subject to estate?
a. Transfer of the inheritance from the fiduciary heir to the fideicommissary
b. Transfer mortis causa for less than full and adequate consideration
c. Transfer of properties for a full consideration
d. Transfer of the property held in trust by a trustee to the beneficiary
8. Which of the following is the instance that the proceeds of life insurance designated by
the decedent to his/her wife is excluded in the gross estate?
a. If the designation is irrevocable
b. If the designation is revocable
c. Regardless if the designation is revocable or irrevocable
d. Under no circumstances
9. Which of the following is the instance that the proceeds of life insurance designated by
the decedent to his/her executor is excluded in the gross estate?
a. If the designation is revocable
b. Under no circumstances
c. Regardless if the designation is revocable or irrevocable
d. If the designation is irrevocable
10. Which of the following best describes gross estate?
a. Properties, whether or not owned by the decedent, existing at the point of death
b. Properties owned by the decedent at the point of death
c. Present properties in the possession of the decedent at the point of death
d. None of these