Practice question
What is the basic object of the estate tax under Section 84, rather than an annual tax on mere continued possession?
- Transfer of the decedent's net estate under the statutory framework.
- Every heir's annual salary from an unrelated job.
- Every future purchase made by an heir for life.
- Only the cost of printing a title.
- The executor's unrelated personal savings.
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.