TAXATION II

ATTY. DEBORAH S. ACOSTA-CAJUSTIN

ESTATE TAX

Sec 84-97, Sec. 104, NIRC

RR 17-93, Estates Tax Regulation as amended by RR 2-2003, dated December 16, 2002

1. Lorenzo v. Posadas, GR 43082, June 18, 1937

2. Elegado v. CTA, GR L-68385, May 12, 1989

3. Dizon v. CTA, GR140944, April 30, 2008

4. Aznar v. CTA, GR L-20569, August 23, 1974

5. San Agustin v. CIR, GR 138485, September 10, 2011

6. CIR v. Reyes, GR 159694, January 27, 2006

7. Marcos v. CA, GR 120880, June 5, 1997

8. PNB v. Santos, GR 208293, December 10, 2014

GROSS ESTATE – Rule for imposition

1. Resident, non-resident alien

2. Reciprocity of exemption (Collector v Fisher, 1 SCRA 93)
3. Valuation of gross estate
4. Decedent’s interest
a. Transfer in contemplation of death
b. Revocable transfers
c. Property passing under general appointment
d. Proceeds of life insurance
e. Prior interest
f. Transfer for insufficient consideration
5. Exclusion from gross estate: capital of surviving spouse
6. Deduction from gross estate
a. Funeral expenses
 b. Judicial expenses
c. Claims v. the estate
d. Claims v. insolvent persons
e. Unpaid mortgages and losses
f. Property previously taxed – vanishing deductions
g. Transfer for public purpose
7. Family home
a. Share in the conjugal property
8. Standard deduction
9. Tax credit for estate taxes
10. Exemption of certain acquisitions
11. Tax returns
a. Time to file and notice
b. Payment of tax
c. Obligations of executor, administrator, officers, others