TRUE OR FALSE ONLY!

1.Estate Tax is a tax on the right of the deceased person to transmit his/her estate to

his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which

are made by law as equivalent to testamentary disposition.

2. It is a tax imposed on the privilege of transmitting property upon the death of the owner.

3. Estate Tax is based on the laws in force at the time of death notwithstanding the

postponement of the actual possession or enjoyment of the estate by the beneficiary.

3. The rate applicable shall be based on the law prevailing at the time of decedent's death

4. Effective January 1, 2018 to present [Republic Act (RA) No. 10963]there shall be an

imposed rate of six percent (6%) based on the value of such net estate determined as of

the time of death of decedent composed of all properties, real or personal, tangible or

intangible less allowable deductions

5. Estate Tax Return (BIR Form 1801) shall be filed in triplicate by the executor, or

administrator, or any of the legal heir/s of the decedent, whether resident or non-resident

of the Philippines,

6. The gross value of the estate, where the said estate consists of registered or registrable

property such as real property, motor vehicle, shares of stock or other similar property

for which a clearance from the BIR is required as a condition precedent for the transfer

of ownership thereof in the name of the transferee.

7. Any person in actual or constructive possession of any property of the decedent. Is

qualified to file if there is no executor or administrator appointed, qualified, and acting

within the Philippines

8. The Estate Tax Return (BIR Form 1801) shall be filed within one (1) year from the

decedent's death.

9. In meritorious cases, the Commissioner shall have the authority to grant a reasonable

extension not exceeding thirty (30) days for filing the return.

10. The return shall be filed with any Authorized Agent Bank (AAB) of the Revenue District

Office (RDO) having jurisdiction over the place of domicile of the decedent at the time of

his death.

11. If the decedent has no legal residence in the Philippines, the return shall be filed with the

Office of the Commissioner (RDO No. 39, South Quezon City).

12. Non-resident decedent with executor or administrator in the Philippines, the return shall

be filed with the AAB of the RDO where such executor/administrator is registered or is

domiciled, if not yet registered with the BIR.

13. The return is filed with an AAB, taxpayer must accomplish and submit BIR-prescribed

deposit slip, which the bank teller shall machine validate as evidence that payment was

received by the AAB.

14. The AAB receiving the tax return shall stamp mark the word "Received'' on the return

and also machine validate the return as proof of filing the return and payment of the tax

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15. The machine validation shall reflect the date of payment, amount paid and transaction

code, the name of the bank, branch code, teller's code and teller's initial. Bank debit

memo number and date should be indicated in the return for taxpayers paying under the

bank debit system.

16. Payments can be made thru the epayment channels of AABs thru their online facility,

credit/debit/prepaid cards, and mobile payments.

17. If he available cash of the estate is insufficient to pay the total estate tax due, payment

by instalment shall be allowed within two (2) years from the statutory date for its

payment without civil penalty and interest upon approved by the concerned BIR

18. The due date on filing and payment of the return/tax shall depend on the applicable law

at the time of the decedent's death.

19. When the Commissioner of Internal Revenue finds that the payment on the due date of

the estate tax or of any part thereof would impose undue hardship upon the estate or

any of the heirs, he may extend the time for payment of such tax or any part thereof not

to exceed five (5) years.

20. If he estate is settled through the courts, or two (2) years in case the estate is settled

extra-judicially the amount in respect of which the extension is granted shall be paid on

or before the date of the expiration of the period of the extension,

21. Where the taxes are assessed by reason of negligence, intentional disregard of rules

and regulations, or fraud on the part of the taxpayer, no extension will be granted by the

Commissioner.

22. The Commissioner of Internal Revenue or his duly authorized representative may

require the executor, or administrator, or beneficiary, as the case may be, to furnish a

bond in such amount, not exceeding double the amount of tax and with such sureties as

the Commissioner deems necessary, conditioned upon the payment of the said tax in

accordance in the terms of extension.

23. The properties comprising the gross estate shall be valued based on their fair market

value as of the time of decedent's death.

24. If the property is a real property, the appraised value thereof as of the time of death shall

be, whichever is the higher of - The fair market value as determined by the

Commissioner, or The fair market value as shown in the schedule of values fixed by the

provincial and city assessors.

25. The application for extension of time to file the estate tax return must be filed with the

Revenue District Officer (RDO) where the estate is required to secure its Taxpayer

Identification Number (TIN) and file the tax returns of the estate and the application shall

be approved by the Commissioner or his duly authorized representative.

26. For shares which are listed in the stock exchanges, the fair market value shall be the

arithmetic mean between the highest and lowest quotation at a date nearest the date of

death, if none is available on the date of death itself.

27. The fair market value of units of participation in any association, recreation or

amusement club (such as golf, polo, or similar clubs), shall be the bid price nearest the

date of death published in any newspaper or publication of general circulation.

28. To determine the value of the right to usufruct, use or habitation, as well as that of

annuity, there shall be taken into account the probable life of the beneficiary in

accordance with the latest basic standard mortality table, to be approved by the

Secretary of Finance, upon recommendation of the Insurance Commissioner. (Sec. 5,

RR No. 12-2018)

29. Allowable deductions for Estate Tax Purposes will vary depending on the law applicable

at the time of the decedent's death) as for dates of deaths occurring January 1, 2018 to

present (RA No. 10963/TRAIN Law is to be used .

30. A citizen or resident alien standard deduction is an amount equivalent to Five million

pesos (5,000,000.00) and claims against the estate.