Practice question
A deceased person owned a stipulated 40% interest in an asset; the remaining 60% belonged to an independent co-owner, and no special inclusion rule affects it. The assessor counts 100% solely because one certificate lists the asset. Which is correct as a basic principle?
- The decedent's established interest must be respected rather than treating the independent co-owner's share as automatically owned by the decedent.
- A single certificate automatically doubles the deceased's ownership.
- Every co-owner's separate interest disappears on another owner's death.
- The heirs may elect any ownership percentage without evidence.
- Only the executor's handwriting determines the estate interest.
Legal references
- NIRC Sections84-85,98 and104, read with TRAIN amendments: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA10963, TRAIN, estate and donor tax amendments including Sections99-100: https://lawphil.net/statutes/repacts/ra2017/ra_10963_2017.html
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