Vat exempt

1. Agri/marine product in original state

2. Fish food
3. Personal and household effects of RPcit returning from abroad if exempt from customs duties
4. Professional instruments/personal property for own use or arriving within 90 days of arrival
5. Series subject to percentage tax
a. Sale of not vat registered below 191
b. Domestic common carriers
c. International carriers
d. Radio or TV less than 10m
e. Overseas dispatch
f. Life insurance
g. Insurance agents of foreign companies (fire, marine, miscellaneous)
h. Cockpits
i. Stock
6. Agricultural contract growers
7. Medical denal hospital except by pros
8. Educ services if duly accredited
9. EER
10. Regional area HQ by multinational corpo
11. Transactions exempt under interntional agreements
12. Agri coop
13. Lending activities activities by coop
14. Cood sales
15. Export
16. Real properties
a. Capital real properties
b. Low cost housing
c. Socialized housing
d. Residential less than 1.9
17. Lease less than 12k
a. If aggregate less than 1.9, 3% percentage tax
b. If more than one units, only those above 12k
18. Publication of books
19. Cargo vessels sale
20. Import of fuel
21. Servies of banks
22. Sale of less than 1.9

Included in determining gross estate

1. Contemplation of death
2. Reateined interest
3. Revocable transfer
4. GPA
 5. Insufficient consideration

Basis for tax

1. Benefit received theory

2. Privilege
3. Ability to pay
4. Redistribution of wealth

Interest of decedent

1. Property possessed
2. Owned
3. Transferred
a. Contemplation of death
b. Retained interest
c. Revocable regardless of no revocation
d. Gpa
4. Prior interest

Life insurance inclusions when taken by decedent

1. On his life
2. On his estate
3. Revocable 3p

Excluded life insurance

1. Irrevocable 3p
2. Employer
3. Accident
4. GSIS
5. SSS
6. Emp compensations

Requisites

1. Policy owner is decedent

2. insured is decedent
3. beneficiary is one of enumerated above
4. not expressly exempted

deductions

1. expenses
a. judicial; exceptions
i. asserting heirs
b. funeral
i. after internment
ii. defrayed by relatives
2. losses
a. bad debts: GF. Personal. Valid and legally enforceable. Reasonably certain. notarized
b. casualty: loss. No insurance. Not claimed as deduction for income. Not later than last
day of payment of estate
3. indebtedness
a. claims against estate
b. unpaid mortgage
4. taxes
a. vanishing deductions
5. public use transfer
6. family home: actual cert by BC. Included in gross.
7. standard deduction
8. medical expenses
9. retirement
10. SSshare