TRUE OR FALSE ONLY, NO EXPLANATION NEEDED

B.

• In general, the requirements for the payment of transfer tax are Certificate Authorizing Registration from the Bureau of Internal Revenue, Realty tax clearance from the Treasurer's Office; and Official receipt of the Bureau of Internal Revenue.
• Protest of Assessment is filed when the local treasurer or his duly authorized representative finds that the correct taxes, fees, or charges have not been paid, he shall issue a notice of assessment stating the nature of the tax, fee, or charge, the amount of deficiency, the surcharges, interests and penalties. Within ninety days (90) days from the receipt of the notice of assessment, the taxpayer may file a written protest with the local treasurer contesting the assessment; otherwise, the assessment shall become final and executor.
• The local treasurer shall decide the protest within sixty (60) days from the time of its filing. If the local treasurer finds the protest to be wholly or partly meritorious, he shall issue a notice cancelling wholly or partially the assessment.
• If the local treasurer finds the assessment to be wholly or partly correct, he shall deny the protest wholly or partly with notice to the taxpayer. The taxpayer shall have thirty (30) days from the receipt of the denial of the protest or from the lapse of the sixty-day (60) period prescribed herein within which to appeal with the court of competent jurisdiction, otherwise the assessment becomes conclusive and unappeasable."
• Decedentis one of the elements of succession. Is a general term applied to the person whose property is transmitted through succession, whether or not he left a will? If he left a will, he is called a testator (Art. 775 NCC).
• Inheritanceincludes all the property, rights and obligations of a person which are not extinguished by death and all which have accrued thereto since the opening of succession. Rights which are purely personal are not transmissible for they are extinguished by death (Art. 776 NCC).
• Successors. Anheir or successoris a person who is called to the succession either the provision of a will or by operation of law (Art. 782 NCC). Devisees and legatees are persons to whom gifts of real and personal property are respectively given by virtue of a will.
• Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition.
• It is a tax imposed on the privilege of transmitting property upon the death of the owner. The Estate Tax is based on the laws in force at the time of death notwithstanding the postponement of the actual possession or enjoyment of the estate by the beneficiary.
• The Estate Tax Return (BIR Form 1801) shall be filed within two (2) year from the decedent's death. In meritorious cases, the Commissioner shall have the authority to grant a reasonable extension not exceeding thirty (30) days for filing the return.
• In case the available cash of the estate is insufficient to pay the total estate tax due, payment by instalment shall be allowed within two (2) years from the statutory date for its payment without civil penalty and interest upon approved by the concerned BIR Official.
• The due date on filing and payment of the return/tax shall depend on the applicable law at the time of the decedent's death.
• Where the taxes are assessed by reason of negligence, intentional disregard of rules and regulations, or fraud on the part of the taxpayer, no extension will be granted by the Commissioner.
• The application for extension of time to file the estate tax return must be filed with the Revenue District Officer (RDO) where the estate is required to secure its Taxpayer Identification Number (TIN) and file the tax returns of the estate.
• The application of extension in filling of donor's tax shall be approved by the Commissioner or his duly authorized representative within 30 days upon receipt of assessment

A

• Transfer tax is a charge levied on the transfer of ownership or title to property from one individual or entity to another.
• A transfer tax may be imposed by a state, county, or municipality. It is usually not deductible from federal or state income taxes, although it may be added to the cost basis when profit on the sale of securities and investment property is calculated.
• Business tax is considered an excise tax in some states.
• A transfer tax on real estate may be imposed by state, county, or municipal authorities for the privilege of transferring real property within the jurisdiction.
• The seller is liable for the real estate transfer tax, although it is not uncommon for an agreement to be reached for the buyer to pay the tax.
• Donor's taxmay refer to any gift tax, estate tax, or generation-skipping transfer tax which is imposed on the value of property inherited after the death of the owner.
• A estate tax is imposed on tax on the sale, donation, barter, or any other mode of transferring ownership or title of real property at the maximum rate of 50% of 1% (75% of 1% in the case of cities and municipalities within Metro Manila)of the total consideration involved in the acquisition of the property or of the fair market value in case the monetary consideration involved in the transfer is not substantial, whichever is lower .
• Payment of the transfer tax is necessary because the evidence of its payment is required by the Register of Deeds of the province concerned before registering any deed.
• The provincial assessor before cancelling an old tax declaration and issuing a new one in its place needs the payment of donor's tax,
• The payment of the transfer tax is the responsibility of the seller, donor, transferor, executor or and administrator.
• The deadline for payment is thirty days (30) days from the date of the execution of the deed or from the date of the decedent's death.
• Notaries public are required to furnish the provincial treasurers with a copy of any deed transferring ownership or title to any real property within sixty days (60) days from the date of notarization
• Surcharge is an amount charge to a taxpayer for not paying the government agency on the required date which is no more than twenty percent (20%) of theamount of taxes, fees or charges.
• Penalty is two percent (2%) per monthof the unpaid taxes, fees or charges including surcharges, until such amount is fully paid, but in not to exceed thirty-six (36) months or seventy-two percent (72%).
• The transfer tax is to be paid at the Treasurer's Office of the city or municipality where the taxpayer' reside.