1. Mr. Julian Cruz procured a life insurance upon his own life. He designated his estate's executor as an irrevocable beneficiary. For estate tax purposes, the proceeds of life insurance is:

1. One of the following transfers is not included in the gross estate.

a.Transfer with reservation and retention of certain rights

b.Transfer passing under general power of appointment

c.Transfer for adequate and full consideration

d.Transfer in contemplation of death

1. X, decedent, owns a property valued at P 1,500,000 at the time of his death. The said property was sold by X during his lifetime to Y for P 700,000 when its value was P 1,200,000. It was agreed by X and Y that the transfer of ownership will take effect after X's death. For Philippine estate tax purposes, which of the following statements is correct?

1. Which of the following shall not also be considered as personal property?

i.Obligations and actions which have for their object movables or demandable sums

ii.Shares of stock of agricultural, commercial and industrial entities, although they may have real estate

a.Both I and IIc. I only

b.Neither I nor IId. II only

5.Mr. Octavio Paz transferred his properties to his relatives due to his poor health thinking that he is going to die soon. This is an example of:

a.Transfer with retention or reservation of certain rights

b.Transfer passing under general power of appointment

c.Transfer for insufficient consideration

d.Transfer in contemplation of death