1.The proceeds of life insurance designated by the decedent to his/her estate is included in gross estate

if the designation is irrevocable

in all circumstances

if the designation is revocable

without regard to the designation as revocable or irrevocable

2.Mr. A designated Mr. K, the executor of his estate, as his irrevocable beneficiary to the proceeds of his life insurance. Which is correct?*

The proceeds is exempt from both donor's tax and estate tax.

The proceeds of the life insurance policy shall be excluded in the gross estate of Mr. A

The proceeds of life insurance is a donation subject to donor's tax.

The proceeds of the life insurance policy shall be included in the gross estate of Mr. A.

3.The proceeds of life insurance designated by the decedent to his wife excluded in gross estate

under no circumstances.

if the designation is revocable

if the designation is irrevocable

without regard to the designation as revocable or irrevocable

4.As a rule, the gross estate of non-resident alien decedents includes*

Real properties located abroad

Intangible personal properties located abroad

Tangible personal properties located abroad

Intangible personal properties located in the Philippines

answer only