Tax Module 4 Reviewer

Front 1

Inheretance is subject to

Back 1

Estate Tax

Front 2

Donation is subject to

Back 2

Donor's Tax

Front 3

Taxed individually on their distributive share in the income of the co-ownership.

Back 3

Co-owners

Front 4

The tax on income received by the estate during the period of administration or settlement.

Back 4

Income Tax of an estate

Front 5

A mass of all the property, rights and obligations of a deceased person which are not extinguished by his death, including those which have accrued thereto since the opening of the succession.

Back 5

Estate

Front 6

A tax on gratuitous transfer of property either through gift/donation(subject to donor's tax) or through inheritance (subject to estate tax).

Back 6

Transfer Tax

Front 7

Refers to the period when title to their properties left by a decedent is not yet finally transferred to the heirs/beneficiaries.

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Administration or Settlement Period

Front 8

Settlement of an estate in a court proceeding

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Judicial Settlement

Front 9

The heirs or beneficiaries settle for themselves the distribution of the estate or their inheritance.

Back 9

Extrajudicial Settlement

Front 10

Right on property, real or personal, held by one party for the benefit of another.

Back 10

Trust

Front 11

Person who establishes a trust

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Trustor

Front 12

One in whom confidence is reposed as regards property for the benefit of another person.

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Trustee

Front 13

Person for whose benefit trust is created.

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Beneficiary

Front 14

Any person or corporation that holds in trust an estate of another person or persons.

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Fiduciary

Front 15

The income and corpus of the the trust do not revert to the grantor.

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Ordinary Trust

Front 16

A trust where at the any time, the power to revest in the grantor, title to any part of the corpus of the trust is vested.

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Revocable Trust