1.
Which of the following losses is not deductible?
a. Losses of properties compensated for by insurance
b. Losses arising from fires
c. Losses arising from theft or embezzlement
d. Losses arising from storms or shipwreck
A
2.
Which of the following decedents cannot claim special deductions for family home?
a. Resident citizen
b. Resident alien
c. Non-resident alien
d. Non-resident citizen
C
3.
Which of the following is an incentive deductions?
a. Family home
b. Standard deductions
c. Vanishing deduction
d. All of these
D
4.
Which is not an ordinary deduction?
a. Family home
b. Vanishing deduction
c. Transfer for public use
d. Casualty losses of estate properties
A
5.
The maximum allowable amount of standard deduction is
a. P200,000
b. P500,000
c. P5,000,000
d. P10,000,000
C
6.
What is the maximum amount of deductible casualty losses?
a. None
b. P500,000
c. P1,000,000
d. 10% of gross estate
A
7.
D
The allowable deductible amount of family home is
a. 5% of gross estate
b. P2,000,000
c. P5,000,000
d. P10,000,000
8-9. The heirs of the decedent compiled the following accrued taxes:
Before death
Real property tax
Income tax
Estimated estate tax
P40,000
80,000
After death
P110,000
400,000
Compute the deductible taxes
a. P120,000
b. P230,000
c. P510,000
d. P630,000
A
10-11. A decedent died leaving an estate with the following properties and deductions:
Gross estate (P2M is exclusive)
Expenses and obligations:
Funeral expense
Judicial expense
Indebtedness and taxes
Losses
P4,000,000
200,000
100,000
250,000
150,000
What is the share of the surviving spouse?
a. P2,000,000
b. P1,650,000
c. P850,000
d. P650,000
D
12-13. The spouses own a residential lot as their only real property. The lot had an assessed value of
P15,000,000, zonal value of P18,000,000 and an independent appraisal value of P25,000,000.
What is the deductible family home?
a. P0
b. P7,500,000
c. P9,000,000
d. P10,000,000
A
14-15. A Chinese citizen residing in Quezon City, Philippines, died leaving several properties in the
Philippines. How much standard deduction can his estate claim?
a. P0
b. P500,000
c. P5,000,000
d. P10,000,000
C