Practice question
Does the basic gross-estate concept include intangible as well as tangible property, subject to the applicable territorial and other rules?
- No; only physical currency can be estate property.
- No; shares and other intangible interests are categorically invisible.
- Yes; the Code expressly recognizes both.
- Yes; every intangible anywhere is included for every decedent without exception.
- No; only household furniture can be transferred at death.
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
Answer this question in flashcards to review your response and continue practicing.