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    EXERCISE 1: Identify The Correct Classification of Each Property Under Different Property

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    Aldrin Zolina
    The document discusses estate taxation and the classification of property into conjugal, community, and exclusive property based on the property regime governing the marriage. For marriages before August 3, 1988, property is classified according to the conjugal partnership of gains regime, while those after are governed by the absolute community property regime. Exclusive properties under each regime are defined, including properties brought into the marriage, acquired through gift or inheritance, or purchased with separate funds. An exercise is provided to classify sample properties under each regime.

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    EXERCISE 1: Identify The Correct Classification of Each Property Under Different Property

    Uploaded by

    Aldrin Zolina
    341 views2 pages
    The document discusses estate taxation and the classification of property into conjugal, community, and exclusive property based on the property regime governing the marriage. For marriages before August 3, 1988, property is classified according to the conjugal partnership of gains regime, while those after are governed by the absolute community property regime. Exclusive properties under each regime are defined, including properties brought into the marriage, acquired through gift or inheritance, or purchased with separate funds. An exercise is provided to classify sample properties under each regime.

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    accounting

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    ET3

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    The document discusses estate taxation and the classification of property into conjugal, community, and exclusive property based on the property regime governing the marriage. For marriages before August 3, 1988, property is classified according to the conjugal partnership of gains regime, while those after are governed by the absolute community property regime. Exclusive properties under each regime are defined, including properties brought into the marriage, acquired through gift or inheritance, or purchased with separate funds. An exercise is provided to classify sample properties under each regime.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    341 views2 pages

    EXERCISE 1: Identify The Correct Classification of Each Property Under Different Property

    Uploaded by

    Aldrin Zolina
    The document discusses estate taxation and the classification of property into conjugal, community, and exclusive property based on the property regime governing the marriage. For marriages before August 3, 1988, property is classified according to the conjugal partnership of gains regime, while those after are governed by the absolute community property regime. Exclusive properties under each regime are defined, including properties brought into the marriage, acquired through gift or inheritance, or purchased with separate funds. An exercise is provided to classify sample properties under each regime.

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    © All Rights Reserved
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    MINDANAO STATE UNIVERSITY - GENERAL SANTOS CITY

    DEPARTMENT OF ACCOUNTANCY
    ACCTG163: REVIEW IN TAXATION
    ESTATE TAXATION
    CLASSIFICATION OF PROPERTY INTO CONJUGAL, COMMUNITY, AND EXCLUSIVE

    1. Property regimes that govern property relations of the spouses


    A. Absolute community property regime
    B. Conjugal partnership of gains
    C. Absolute separation of property regime
    D. Other types as agreed by the parties

    If the marriage was contracted before August 3, 1988, the property relations of the spouses is
    governed by CONJUGAL PARTNERSHIP OF GAINS, unless otherwise provided.

    If the marriage was contracted on or after August 3, 1988, the property relations of the
    spouses is governed by ABSOLUTE COMMUNITY PROPERTY REGIME, unless otherwise
    provided.

    2. Classification of gross estate

    The gross estate may consist of CONJUGAL and EXCLUSIVE properties of the decedent; or
    COMMUNITY and EXCLUSIVE properties of the decedent, depending upon the property
    regime that governs the property relations of the spouses - either conjugal partnership of
    gains or absolute community property regime.

    The property is determined whether exclusive or not depending upon the property regime that
    governs the property relations of the spouses - either conjugal partnership of gains or
    absolute community property regime.

    3. Exclusive properties under Conjugal Partnership of Gains (CPG)


    A. That which is brought to the marriage as his or her own;
    B. That which each acquires during the marriage by gratuitous title;
    C. That which is acquired by the right of redemption or by exchange with property belonging
    to only one of the spouses;
    D. That which is purchased with the exclusive money of the wife, or of the husband.

    4. Exclusive properties under Absolute Community Property Regime (ACP)


    A. Properties acquired during the marriage by gratuitous title by either spouses, and the fruits
    as well as the income thereof, if any, unless it is expressly provided by the donor, testator or
    grantor that they shall form part of the community.
    B. Property for personal and exclusive use of either spouse; however, jewelry shall form part
    of the community property;
    C. Property acquired before the marriage by either spouse who has legitimate descendants
    by a former marriage, and the fruits as well as the income, if any, of such property.

    NOTE: The properties which are not classified as exclusive properties are deemed conjugal
    or community property, as the case may be.

    EXERCISE 1: Identify the correct classification of each property under different property
    regimes.
    CONJUGAL ABSOLUTE
    PARTNERSHIP OF COMMUNITY OF
    GAINS PROPERTIES
    EXC CONJ EXC COMM
    Cash owned by the decedent before
    marriage.
    Real property inherited by the decedent
    during the marriage.
    Personal property received by the wife as gift
    before marriage
    Property acquired by the decedent with cash
    owned before marriage

    1
    MINDANAO STATE UNIVERSITY - GENERAL SANTOS CITY
    DEPARTMENT OF ACCOUNTANCY
    ACCTG163: REVIEW IN TAXATION
    Clothes of the decedent purchased with
    exclusive money of the wife.
    Jewelry purchased with cash of the surviving
    spouse
    Property unidentified when and by whom
    acquired.
    Cash representing income received during
    the marriage from exclusive property
    Property acquired before marriage by the
    decedent who has legitimate descendants by
    a former marriage.
    Cash proceeds from a sale of an exclusive
    property at a gain.
    Income generated before marriage.

    END

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