T/F 1

Question 1

The acceptance of inheritance is always mandatory.

Answer 1

(False)

Question 2

An administrator is always appointed by the testator.

Answer 2

(False)

Question 3

A married woman needs her husband’s consent to make a will.

Answer 3

(False)

Question 4

The probate process involves paying estate taxes.

Answer 4

(True)

Question 5

A testator must be in perfect mental health to make a valid will.

Answer 5

(False)

Question 6

Estate tax is a tax imposed on the property itself.

Answer 6

(False)

Question 7

The estate tax is an excise tax imposed on the transfer of property from the deceased to the living.

Answer 7

(True)

Question 8

Business taxes are imposed only on people who are officially registered as businesses.

Answer 8

(False)

Question 9

A person not engaged in business can still be liable for VAT on imported goods.

Answer 9

(True)

Question 10

Unpaid taxes must have accrued at or before the decedent’s death to be deductible from the gross estate.

Answer 10

(True)

Question 11

Donations of property not within the Philippines by a resident alien is not subject to a Philippine donor’s tax.

Answer 11

(True)

Question 12

The property donated by a Filipino citizen that is located in another country may be subject to donor’s tax twice.

Answer 12

(True)

Question 13

Foreign donor’s tax credit is subject to limitations.

Answer 13

(True)

Question 14

Filing of donor’s tax return is not required for indirect donation.

Answer 14

(False)

Question 15

Donor’s tax is paid 30 days after the return is filed.

Answer 15

(False)