Statement 1: An estate settled extra judicially requires probity

Statement 2: Trustee expenses form part of the judicial expense in computing the net estate.

a.Only statement 2 is false

b.Both statements are true.

c.Only statement 1 is false

d.Both statements are false.

A donors tax is imposed on the

a.Property donated

b.The donee

c.The right of donating

d.Donor

Transfer of properties through sale

a. Subject to capital gains tax

b.Subject to estate tax

c.Unlawful

d.Subject to donors tax

Under the old law to prevent excessive tax avoidance, transfer in contemplation of death is

a.Subject to income tax

b.Subject to donors tax

c.Subject to VAT

d.Subject to estate tax