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MCQs.docx

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Taxation quiz
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  1.   A non-resident alien decedent is not allowed to claim for the following deductions, except: a.   Family home b.   Medical expenses c.   Amounts received by heirs under RA No. 4917 d.   Transfers for public use Answer: D. Transfers for public use 2.   The following items are deductible as funeral expenses except: a.   Mourning apparel of the surviving spouse of the deceased bought and used on the occasion of the burial b.   Mourning apparel of the unmarried children of the deceased bought and used on the occasion of the burial c.   Publication charges for the death notices d.   Telecommunication expenses incurred in informing relatives of the deceased Answer: B. Mourning apparel of the unmarried children of the deceased bought and used on the occasion of the burial 3.   The following items are deductible as judicial expenses except: a.   Brokerage fees for selling property of the estate b.   Notarial fee for extra-judicial settlement of the estate c.   Attorney’s fees incident to litigation incurred by the heirs in asserting their rights.  d.   Attorney’s fees for guardia nship proceedings Answer: C. Attorney’s fees incident to litigation incurred by the heirs in asserting their rights.  4.   The following items are exemptions from the gross estate, except: a.   All bequests, devises, legacies or transfers to social welfare, cultural and charitable institutions, no part of the net income of which inures to the benefit of any individual b.   Merger of naked title in the owner of the usufruct c.   Fideicommissary substitution d.   Transmission from the first heir, legatee or done in favor of another beneficiary, in accordance with the desire of the predecessor Answer: B. Merger of naked title in the owner of the usufruct 5.   Mr. Dela Cruz donated a parcel of land to his brother. Which of the following statements is CORRECT in connection with this particular donation? a.   The donation can be made orally when the value of the donation is less than P5,000. b.   The donation shall be made in a public instrument and the acceptance of the donation may be done orally.  c.   The donation shall be made in a public instrument and the acceptance shall be made in another public instrument to be noted in both instruments; d.   The acceptance of the donation may be made by the done in the same Deed of Donation which may be done even after the death of the donor. Answer: C. The donation shall be made in a public instrument and the acceptance shall be made in another public instrument to be noted in both instruments;
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