Benefits of Learning Estate Tax: The Student Way Estate taxes are not so commonly known to most people

because, ob iously, they!re li ing and mostly, they don!t ha e any idea about it" #n other words, most people don!t care" $ust recently, the catastrophe brought by the typhoon depression %gaton in Butuan &ity could somehow be interconnected with estate taxation" 'or example, if Brgy" Buhangin alone, as of (onday, $anuary )*, )*+,, reported casualties of -. dead, ,., in/ured, and 0 missing (Butuan City FSUU Rover Report), by how much will be reported as total estates of the said dead and missing1 Through the report, it is wise to learn the nature of estate taxes, their purposes, and their help to e eryone linked at it" This context will focus about the personal learnings of Estate Tax" Estate Tax or tax on donation mortis causa is not /ust as easy as gi e2and2take of a thing" By definition, Estate tax is a tax on the right of the deceased person to transmit his estate to his lawful heirs and beneficiaries" #t is not a tax on property" Estate tax is held to be an excise tax imposed on the pri ilege of transmitting property upon the death of the owner" The estate tax is generated by death and accrues at the time of death" #t is go erned by the law in force at the time of death notwithstanding the postponement of the actual possession or en/oyment of the estate by the beneficiary" (www.thetrustguru.com/newspg4.htm) %t first, to reali3e that as long as an indi idual is either resident or citi3en, he is sub/ect to estate tax both in and out of domicile except on non2resident alien whose taxes are from within the country currently staying for business purposes unless otherwise when reciprocity is declared, deductions may be an effect" %s to deductions, always bear in mind that to familiari3e the format of deductions is important to a oid misguided deductions" Based on Transfer and Business Taxes . th Edition by 4alencia and 5oxas, p+). is the 6eduction %llowed from 7ross Estate"

#t is only pu33ling during the computation of whether the anishing deductions is to be deducted or not8 estate tax credit8 and especially when and how to recogni3e easily whether an item, expense, or deduction is exclusi e or con/ugal" %ll the said confusions bear long computations" %nother, exclusi e and con/ugal differences also exist in both computations under &on/ugal 9artnership or %bsolute &ommunity of 9roperties, gi ing a :uestion of, ;Which is which1< Trying many helps from others commonly resulted to an answer of, ;$ust read it o er and o er and try to understand"< That does not mean inclusi e of computation" E en the solution is confusing personally" %nother weakness possessed, about the theories and guidelines of reporting especially when one has to substitute the other or when one will pay for the sake of the other depending on situations" =owe er, standard deductions can be easily remembered because of their simple principles as standard and limited by maximum amounts such as family home of 9+ ( allowable deduction, medical costs of 9>** ?, funeral cost2with the rules of whiche er is lower, and etc" @o other :uick solution to do but rather to study, read it o er and o er, and practice" %s a student, you cannot reach your goal easily by learning irtually" %ctual spoon feeding is not literally how step by step you will learn but is about how you understand what you! e learned" ;The har est thing in the wor! taxes" We can!t escape it" to un erstan is the income ta".# by %lbert

Einstein" #n addition, let!s say business and transfer taxes do the same thing as income