File Name: business and transfer taxes by valencia .zip
No deduction is allowed if the estate tax return of a nonresident alien does not contain properties located outside the Philippines. Special deductions are not allowed to nonresident alien. The excess of unpaid funeral expense shall not be deducted as claimed against the estate. Only donation to the Philippine Government and nay of its political subdivisions are allowed to be deducted from the decedent's gross estate for Philippine estate tax purposes. Losses could only be claimed within 6 months from the date of death.
The actual funeral expense is P,; the total of P85, wake expenses, and P40, memorial plan already paid. Problem D Funeral expense, lowest amount P,Claims against the estate P -0 -The entire amount of P90, in excess of P, limit can no longer be deducted as funeral expense not it can be deducted as judicial expense. To be deductible, the loss must be sustained after death but before the filing and payment of the estate tax. No vanishing deduction is allowed for properties located outside the Philippines.
The unpaid medical expense in excess of the maximum P, is nondeductible as claims against the estate. No deduction shall be allowed in the case of a nonresident decedent alien if his properties outside the Philippines are not reported in the Philippine estate tax return.
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Tumugon Burahin. Income Taxation …. Only sales within are subject to business tax. False — expressly exempted from business tax. True 4. True 5. No transfer tax is to be paid because the property was transferred at the desire of the predecessor, H.
Thank you for interesting in our services. We are a non-profit group that run this website to share documents. We need your help to maintenance this website. Please help us to share our service with your friends. Share Embed Donate. True 2. True 5.
False professional tax is collected by the local government. True 4. False Only sales within are subject to business tax in the Philippines.
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