Succession and Transfer Taxes MCQs

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Which of the following statements is false? Transferred tax is






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The object of estate tax is the:






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Justification for the imposition of transfer tax.






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Mortis causa transfer of property is effected:






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The tax imposed on the transfer of property without consideration between two or more persons who are living at the time the transfer is made.






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Statement one : Cancellation of existing debt as payment for services rendered by the debtor to the creditor is a gratuitous transfer. Statement two:...






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Statement one: A sale on installment basis is considered as an onerous transfer Statement two: A gift out of love to former girlfriend is an onerous ...






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It 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 t...






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The elements of succession are: I. Decedent II. Estate III. Heirs Iv. Administrators/executors






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Estate






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Statement one: inheritance refers to all the property, rights and obligations of a person which are not extinguished by death and all which have accru...






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Which is not true about inheritance?






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Heirs, for estate tax purposes are classified as: I. Voluntary Heirs II. Compulsory heirs III. Legal or intestate heirs






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Heir who inherits personal property by Will is known as






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Which of the following is not a compulsory heir?






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The compulsory heirs are classified as: I. Primary- legitimate children and/or descendants II. Secondary- legitimate parents and/or ascendants;illeg...






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A person appointed by the testator to carry out the provisions of the will is called:






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Which of the following could legally effect of transfer of property through succession?






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Which among the following are the kinds of succession? I. Testamentary or testate succession II. Legal or intestate succession III. Mixed successio...






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Succession which results from the designation of an heir, made in a will executed in the form prescribe a law is known as:






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Which is true? Regular intestate succession does not take place






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Which of the following is regarded as an intestate succession?






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The following statements pertaining to relatives by consanguinity except: I. Consanguinity is the relation subsisting among all the different persons...






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Which is not true about relationships?






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Which of the following statements regarding degree of relationship is incorrect?






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How many degrees (of generation) apart are third cousins?






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In a legal succession






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Who is not an interstate heir?






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In default of the testamentary heirs, The law determines who are to succeed to the inheritance of the deceased. Which one of the following ranks first...






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In case where there are no relatives to receive the inheretance, who of the following is the claim on the estate?






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Statement one: compulsory heirs include illegitimate children Statement two: in the absence of compulsory heirs, relatives to the 3rd degree would in...






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Certain parts of the estate of a deceased Filipino citizen cannot be freely disposed of because Philippine law reserves them for the "compulsory ...






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Statement 1: In testamentary and legal succession, the compulsory heirs are assured of their legitimes Statement 2: in every inheritance, the relativ...






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If the surviving heirs in an intestate succession are the parents and a legitimate child of the decedent, what is the share of the parents in the legi...






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Which of the following statement is true?






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Statement 1: under the law on legitimes, if only survivor is the widow or widower, she or he shall be entitled to one half of the hereditary estate of...






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Statement 1: a free portion of the estate could be transferred to compulsory heirs by virtue of a will Statement 2: the surviving spouse is always en...






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Statement 1: the presence of children does not disqualify parents to inheritance Statement 2: the rules on legitimes are substitute for testamentary ...






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Statement 1: a will is an act whereby a person is permitted, with the formalities prescribed by law, to control to a certain degree the disposition of...






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No will shall be revoked, exept






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Which of the following is a valid will?






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Probate of a will involves the following processes, which one is not?






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Mr. Mhalapit Nha executed a second will 3 months after he executed the first one. The second will is silent as to the first will. What effect does the...






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In which of the following cases is a will invalid?






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Which of the following is not a valid will?






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S1: the making of a person's will may be left in part to the discretion of a third person S2: persons of either sex under 18 years of age cannot...






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A testator may execute a holographic will instead of an ordinary will. Which among the following statements pertaining to holographic will is false? ...






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Choose the incorrect statement from the following; I. If a compulsory heir is given by will, less than his legitime, the provisions of the last will ...






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It deprives an heir to inherit properties by the decedent through the issuance of a will






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The following are causes of disinheriting a child. Which one is not?






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The following are causes of disinheriting a spouse. Which one is not?






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Which is not true about an inheritance?






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S1: representation is a right created by fiction of law by virtue of which the representative is raised to the place and degree of the person represen...






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S1: the right of representation takes place in the direct descending line, but never in the ascending line. S2: the child of a voluntary heir who pre...






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Which is not authorized to take charge of the estate during intestate period?