-Under train there is no more schedular taxes (the new tax law)
-estate tax paid to a foreign country (not deductible from gross estate)
-book of vitug compedium of tax laws
Section 86 B
1. removed allowance for dedution of expenses losses indebtedness and taxes
2. provides for a standard deduction of 500k
3. Provides that a proportion of the claims against te estate claims against
insolvent persons and unpaid mortgages may be claimed as a deduction from the
estate
Section 86 D = repealed
Section 90 A ( 1 and 3)
-All transfers subject to estate tax or regardless of the gross value of thhe
estate wher the said estate consists of registered or registrable property shall
file an estate tax return
-estate returns showing a gross value exceeding 5 million must be certified by a
COA
Section 90 B
-the estate tax return must be filed within one year from the decedent's death
Section 91
-additional provision
-an estate with insufficient cash is allowed to pay the estate tax due by
installment within two years from the statutory date for its payment without civil
penalty and interest
section 97
-banks which has knowledge of the death of the person, shal allow withdrawals from
a decedents deposit account subject to a 6% final witholding tax