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Chapter 2 - Transfer Taxes and Basic Succession2013Full description
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TRANSFER TAXES AND BASIC SUCCESSION
Transfer taxes are excise or privilege or privilege taxes. Onerous transfer of property property - the exchange of property for a monetary consideration or a transfer of good s or services in return for something of equal value like in sales or barter. – the tax corresponding the transfer made in the normal course of business o Business tax – E.g. value-added tax, percentage percentage tax, excise tax o – a conveyance of property without any consideration involved in exchange for the property Gratuitous transfer of property – given away. Transfer taxes – taxes which are imposed on gratuitous transfer of property o Estate tax Basis: to tax the transfer of economic benefits and enjoyment of property from a decedent person to the heir. Justification wealth; helps distribute some of the Redistribution of wealth theory – unequal distribution of wealth; economic benefits Benefit-received theory – government provides services for the transfer; it is just fair that the government collects its equivalent compensation Privilege or state partnership theory – the State is a “passive and silent partner” Ability to pay theory – heir has ability to pay the tax to contribute to the government Donor’s tax – – excise tax imposed on the right to transfer gratuitously, directly or indirectly, real and personal o properties, tangible or intangible out of the owner’s liberality in favor of another that accepts the gift. Purpose: to prevent avoidance of estate tax tax through lifetime transfers of property Effectivity - Transfer of Properties From the moment of decedent’s death (Article 777, CCP) o Determination of the tax on property transferred is traced back to the moment of death. o Succession Defined as a mode of acquisition by virtue of which the property, rights and obligations to the extent of the value of o the inheritance, of a person are transmitted through his death to another or others either by will (testate) or by operation of law (intestate) – (Article 774, CCP) Basis: Family Relation (principle of natural law), Implicit Ownership (heirs assumed ownership of property left by o decedent), Socio-economic (wealth left by decedent should be actively used to provide economic benefit to the community). Elements of Succession o Decedent (person who died) o Testator (decedent through will) Estate (property rights of decedent) o o Successor (heir) Persons Authorized To Take Chart of the Estate o Executor – person or trust company named in the will by testator o Administrator – person or trust company appointed by the court Inheritance/Estate – properties or the estates of the decedent Successors – parties who have legal rights to receive the estate (Article 887, CCP) Primary compulsory heirs o Legitimate children and their legitimate descendants Surviving legitimate spouse Illegitimate children and their descendants o Secondary compulsory heirs Legitimate parents and legitimate ascendants Illegitimate children and their descendants o Absence of compulsory heirs th Decedents relatives up to 5 degree If no relatives to receive, the government inherits the whole estate If there’s there’s a will, decedent may name other persons to inherit the free portion Devisee – a person to whom a gift of real property is given by virtue of a will (Article 782, CCP) Legatee – a person to whom a gift of personal property (bequest) is given by virtue of a will. Brothers and sisters are not compulsory heirs, neither are strangers – however it is not contrary to law in giving them a share of the inheritance, if the testator desired – called voluntary heirs. heirs.
