Chapter 4

Question 1

____ is an obligation contracted by the decedent when he was alive which he should have settled or paid during his lifetime

Answer 1

claim against the estate

Question 2

the word ______ is generally construed to mean debts or demands of a pecuniary nature which could have been enforced against the disease in his life time and could have been reduced to simple money judgement

Answer 2

claims

Question 3

it exists when the decedent leaves property encumbered by mortgage

Answer 3

unpaid mortgages

Question 4

claims against the estate or indebtedness in respect of property may arise out of

Answer 4

contract, tort or operation of law

Question 5

here, the creditor dies unable to collect from the debtor because of the debtors insolvency

Answer 5

claims against insolvent persons

Question 6

allowed as deductions from gross estate are claims of the deceased against insolvent persons as defined under

Answer 6

R.A 10142 or the financial rehabilitation and insolvency act of 2010

Question 7

for unpaid mortgage to be deductible, it should be the _____ of the property mortgage must be included in the gross estate in full

Answer 7

fair market value

Question 8

Limitations on Amount deductible are

Answer 8

1. value of the property
2. deduction for mortgage or other lien
3. deductions for losses, etc.
4. percentage of deductions

Question 9

any amount received by the heirs from the decedent’s employer as a consequence of the death of the decedent-employee in accordance with ____ shall be deductible

Answer 9

R. A 4917