Which of the following is not true: A transfer in contemplation of death for

less than full and adequate consideration in money may result in a

a$.$ Value included in the gross estate;

b$.$ Value included in the net estate

c$.$ Nothing included in the gross estate;

d$.$ Value to consider as taxable income

Which of the following statements is not correct?

a$.$ The gross estate shall be valued at its fair market value at the time of

death

b$.$ The gross estate shall be valued at its fair market value at the time

notice of death is filed

c$.$ The gross estate shall be valued, in the case of real property, at the

higher amount between the values determined by the BIR and the City

Assessor's Office

d$.$ The gross estate shall be valued, in the case of tanglble personal assets

not being sold, at its pawn value times three $(3).$

Which of the following exempt transmissions will still require inclusion of

the property in the gross estate?

a$.$ Merger of the usufruct in the owner of the naked title;

b$.$ Legacy to a charitable institutions whose administrative expense did

not exceed $30\%$ of the legacy;

c$.$ Transfer from a first heir to a second heir designated by the decedent;

d$.$ Death benefits under the GSIS and SSS$.$

The following are transactions and acquisitions exempt from transfer tax

except:

a$.$ Transmission from the first heir or donee in favor of another beneficiary

in accordance with the desire of the predecessor;

b$.$ Transmission or delivery of the inheritance or legacy by the fiduciary

heir or legatee to the fideicommisary;

c$.$ The merger or usufruct in the owner of the naked title;

d$.$ All bequests, devises, legacies or transfers to social welfare, cultural

and charitable institutions.