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    Cpa Review School of The Philippines 3

    Uploaded by

    Jhopel Casagnap Eman
    This document discusses estate taxation and defines what is included in a decedent's gross estate. [1] It outlines what property is included based on the decedent's citizenship and residency, including real property, tangible personal property, and intangible personal property such as bank deposits and stocks. [2] Intangible assets have a "situs" based on factors like the residence of a debtor or location of a bank. [3] Properties included in a decedent's gross estate are those owned at time of death, interests in property possessed at death, and certain taxable transfers made during life intended to take effect upon death.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Cpa Review School of The Philippines 3

    Uploaded by

    Jhopel Casagnap Eman
    142 views1 page
    This document discusses estate taxation and defines what is included in a decedent's gross estate. [1] It outlines what property is included based on the decedent's citizenship and residency, including real property, tangible personal property, and intangible personal property such as bank deposits and stocks. [2] Intangible assets have a "situs" based on factors like the residence of a debtor or location of a bank. [3] Properties included in a decedent's gross estate are those owned at time of death, interests in property possessed at death, and certain taxable transfers made during life intended to take effect upon death.

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    Cpa Review School of the Philippines 3

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    This document discusses estate taxation and defines what is included in a decedent's gross estate. [1] It outlines what property is included based on the decedent's citizenship and residency, including real property, tangible personal property, and intangible personal property such as bank deposits and stocks. [2] Intangible assets have a "situs" based on factors like the residence of a debtor or location of a bank. [3] Properties included in a decedent's gross estate are those owned at time of death, interests in property possessed at death, and certain taxable transfers made during life intended to take effect upon death.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    142 views1 page

    Cpa Review School of The Philippines 3

    Uploaded by

    Jhopel Casagnap Eman
    This document discusses estate taxation and defines what is included in a decedent's gross estate. [1] It outlines what property is included based on the decedent's citizenship and residency, including real property, tangible personal property, and intangible personal property such as bank deposits and stocks. [2] Intangible assets have a "situs" based on factors like the residence of a debtor or location of a bank. [3] Properties included in a decedent's gross estate are those owned at time of death, interests in property possessed at death, and certain taxable transfers made during life intended to take effect upon death.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    1

    ESTATE TAXATION
    Atty. C. Llamado

    GROSS ESTATE
    - Depends upon the citizenship and/or residence of the decedent:

    Tangible Personal Intangible Personal


    XDecedent Real Property
    Property Property
    Within Without Within Without Within Without
    1) Citizen
    2) Resident Alien
    3) Non-resident
    Alien

    (if there is
    reciprocity)

    Intangible personal property means incorporeal property which do not have any physical form,
    but represent right and privileges. Example includes bank deposits, Trademarks, share of stock,
    patents, copyright, bonds, notes, interest in a partnership, etc.
    Intangible Asset Situs
    1) Receivable (promissory note) Residence of the debtor
    2) Bank deposit Location of the bank
    3) Other intangible properties:
    a) Franchises, patents, copyright, trademark Where property is used or exercised
    b) Investment in partnership Where partnership is establish
    c) Share of stock (including corporate bond)
    (1) Domestic corporation Within the Philippines
    (2) Foreign corporation Without the Philippines
    Except:
    i) if > 85% of the business is in the Philippines Within the Philippines
    ii) if shares have acquired a business situs in the
    Philippines Within the Philippines

    PROPERTIES INCLUDED IN THE GROSS ESTATE F A DECEDENT


    - Includes all properties, right, and interests which the decedent owns at the time of his
    death;

    1) Property owned by the decedent and physically present in his estate at the time of death;

    2) Interest (whether legal of beneficial) in property owned or possessed by the decedent at the time
    of death (Ex. Usufructuary rights);

    3) Taxable Transfer made during lifetime, but are in the nature of testamentary dispositions (mortis
    causa in substance). The decedent remains in control of the property, and the transfer is transfer
    is intended to take effect at or after his death.

    a) Transfer in Contemplation of Death


    - Transfer is implled by the thought of death

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