Tax Flashcards
(28 cards)
is a tax imposed upon gratuitous transfer of property ownership.
TRANSFER TAX
is one that neither imposes burden nor requires consideration from transferee or recipient.
GRATUITOUS TRANSFER
is imposed on the act of passing ownership of property and not a tax on the property itself.
PRIVILEGE TAX
is an excise tax imposed upon the right of transmitting property at the time of death, and the privilege of controlling the disposition of one’s property to take effect upon death.
ESTATE TAX
is a tax on the privilege of transmitting one’s property to another during his lifetime without adequate and full valuable consideration.
DONOR’S TAX (GIFT TAX)
is a mode of acquisition by virtue of which the property, rights and obligations to the extent of the value of the inheritance, of a person are transmitted through his death to another or others by will or by operation of law.
SUCCESSION
the person whose property is transmitted through succession, whether testamentary, intestate, or mixed.
DECEDENT
the person called to the succession either by the provision of a will or by operation of law.
HEIR
refers to all property, rights and obligations of a person which are not extinguished upon his death.
ESTATE
results from the designation of an heir, made in a will executed in the form prescribed by the law.
TESTAMENTARY
transmission of properties where there is no will, or if there is a will, such is void or lost its validity, or nobody succeeds the will.
LEGAL OR INTESTATE SUCCESSION
a transmission of properties, which is effected partly by will and partly by operation of law.
MIXED SUCCESSION
is the person nominated by the testator to carry out the directions and requests in the decedent’s will and to dispose his property according to the decedent’s testamentary provisions after his death.
EXECUTOR (EXECUTRIX)
is the person appointed by the court, in accordance with the governing statute, to administer and settle intestate estate and such testate estate as no competent executor designated by the testator.
ADMINISTRATOR (ADMINISTRATIX)
an act wherebyn a person is permitted with the formalities requireed by law, to control to a certain degree the disposition of his estate, to take effect after his death from the moment of the death of the decedent, the rights to the suceession are transmitted , and the possession of the hereditary proprerty is deemed transmitted to the heir.
WILL
is a will that is created for the testator by a third party, usually his lawyer, follows proper form, signed and dated in front of required number of wtnesses ( 3 or more witnesses) and acknowledged by the presence of a notay public.
NOTATRIAL WILL
a written will which must be entirely written, dated and signed by the hand of the testator himself, without any necessity of any witness. This kind of will does not need formalities because many people can recognize his handwriting and it can be verified by a penmanship expert.
HOLOGRAPHIC WILL
a supplemet or addition to a will, made after the exceution of a will and and annexed to be taken as part thereof, by which any disposition made in the original will is explained, added to or alttered.
CODICIL
an heir of personal property given by virtue of a will.
LEGATEE
an heir of real property given by virtue of a will.
DEVISEE
portion of the testator’s property which could not be disposed freely because the law has reserved it for the compulsory heirs.
LEGITIME
part of the whole estate which the testator could dispose of freely through a written will irrespective of his relationship to the recipient.
FREE PORTION
Consist of all properties and interests in properties of a decedent at the time of death as well as properties transferred during lifetime (only in form), but in substance was only transferred at the time of death.
GROSS ESTATE
gross estate shall include all properties located within and outside the Philippines.
RESIDENT OR CITIZEN
