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- It is a tax levied on an heir's inherited portion of an estate if the estate's value surpasses an exclusion limit set by law. a. Estate Tax b. Personal Income Tax c. Consumption Tax d. Property TaxWhich of the following is NOT true about an RESP? Select one: a. Withdrawals are taxed in the hands of the beneficiary b. There is a lifetime contribution limit per beneficiary c. The federal government subsidizes the parents' deposits with a grant d. Deposits are not deductible, beneficiary's withdrawals are not taxableWhich is FALSE in partial disposition of estate? O The taxpayer is required to execute an undertaking that the proceeds shall be exclusively used for the payment of estate tax O In case of failure to pay, total estate tax due shall be immediately due and demandable without penalties if taxpayer has justifiable reason O The estate is still required to file the estate tax return within the prescriptive period The BIR may allow the sale of a portion of property without payment of estate tax provided the proceeds shall be used for the payment of estate tax
- As a result of several anti-avoidance provisions of the Income Tax Act, property income shifted to a spouse or child in a lower tax bracket will typically a. be permitted to utilize the lower tax rate. b. be disallowed unless the child is under the age of 18. c. be attributed back to the transferor of the property or subject to the top personal tax rate. d. be attributed back to the transferor of the property or subject to the lowest personal tax rate.Which is false? a. The estate tax is computed based on the net estate or taxable estate. b. The net estate is determined by subtracting from the gross estate the deductions authorized by law. C. Both a" and D d. Neither a" nor "b"Which of the following tax credits can not be transferred to a spouse? The age credits The disability credit The EI and CPP benefits The pension income credits The claw back of OAS payments will not alter the individual’s net income for tax purposes (True/False)- _________ There is no limit on the amount of the tuition credit that can be transferred to a spouse (True/False)- ________ Adam, who is single supports his 80 years old blind mother who has no income and lives in a nursing home. Which of the following federal tax credit can be claimed for his mother? Disability tax credit only disability tax credit and Canada caregiver tax credit only disability tax credit and eligible tax credit only Canada caregiver credit only. Joe is self-employed. He might be eligible for all of the following Federal tax credits, except: CPP tax credit EI tax Credit Canada employment Tax Credit Canada workers benefit tax credit. Elsa is 73 years old. Her 2021 net income for tax…
- 28 Which is FALSE in partial disposition of estate? Group of answer choices The estate is still required to file the estate tax return within the prescriptive period In case of failure to pay, total estate tax due shall be immediately due and demandable without penalties if taxpayer has justifiable reason The taxpayer is required to execute an undertaking that the proceeds shall be exclusively used for the payment of estate tax The BIR may allow the sale of a portion of property without payment of estate tax provided the proceeds shall be used for the payment of estate taxWhat is the purpose of the provision in the tax law that taxes unearned income of certain minor children at the trust and estate tax rates? The provision is designed to prevent from transferring generally to in order to take advantage of the tax rate.Which of the following is FALSE with respect to the final tax returns of deceased taxpayers? Multiple Choice Unused net capital losses less any capital gains deductions previously claimed are deductible against any income. Non-refundable tax credits are prorated to the date of death on the final tax return. A Ríghts or Things return may be filed in addition to the final tax return. Of the tax returns available for a cleceased taxpayer, only the final tax return must be filed.
- 59 S1 - Estate tax is a tax on the transfer of estate upon death by the decedent to his beneficiaries. S2 - In all types of decedents, the basis of estate tax is net estate or net taxable estate. Group of answer choices Both are false S2 is true S1 is true Both are trueIf an individual purchases property insurance on business equipment, the premiums are deductible, but if that same individual purchases property insurance on his home, the premiums are nondeductible. explain this inconsistent tax treatmentpt Which of the following statements concerning the inheritance tax (IHT) treatment of married couples is correct? O Married couples are taxed as a single chargeable person for IHT purposes during lifetime and on death O Married couples are taxed separately for IHT purposes, with gifts made between spouses, on death only, exempt from IHT O Married couples are taxed as a single chargeable person for IHT purposes, although their death estates are taxed separately O Married couples are taxed separately for IHT purposes, with gifts made between spouses, both during lifetime and on death, exempt from IHT