Question
Commercial and Taxation Laws | Definition | ESSAY
Medium
...150,000 from the sale of a painting bought for PHP 40,000; (e) A life insurance payout of PHP 40,000 received as beneficiary of a policy on a relative who died during the year. Identify which receipts constitute gross in...
Citations: National Internal Revenue Code (NIRC) of 1997, as amended; provisions defining gross income and exemptions., BIR rulings and guidance on prizes, gifts, and life insurance proceeds (as commonly taught in bar review materials).
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...ila valued at ₱8,000,000; (ii) bank deposits ₱1,500,000; (iii) a life insurance policy on the decedent’s life with proceeds of ₱900,000 payable to the decedent’s estate; (iv) a motor vehicle valued at ₱400,000; (v) share...
Citations: National Internal Revenue Code of 1997 (as amended) - Estate Tax provisions, BIR estate tax guidelines and regulations, Relevant administrative issuances on the treatment of life insurance proceeds payable to the estate and burial expenses as deductions
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...of ₱2,600,000; (iii) a motor vehicle valued at ₱420,000; (iv) a life insurance policy on the decedent's life with proceeds of ₱900,000 payable to the decedent's estate; (v) shares of stock in a domestic corporation valu...
Citations: National Internal Revenue Code of 1997 (as amended) – Estate Tax provisions (gross estate, net estate, deductions, and exemptions), BIR estate tax regulations/guidelines
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...of ₱3,000,000; (iii) a motor vehicle valued at ₱180,000; (iv) a life insurance policy on the decedent's life with proceeds of ₱900,000 payable to the decedent's estate; (v) shares of stock in a domestic corporation valu...
Citations: National Internal Revenue Code of 1997 (as amended)
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...valued at ₱9,000,000; (ii) a bank deposit of ₱2,500,000; (iii) a life insurance policy on the decedent’s life with proceeds of ₱1,400,000 payable to the decedent’s estate; (iv) shares of stock in a domestic corporation v...
Citations: National Internal Revenue Code of 1997, as amended, Sections on Estate Tax (gross estate, deductions, and exemptions).
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...of ₱2,750,000; (iii) a motor vehicle valued at ₱500,000; (iv) a life insurance policy on the decedent’s life with proceeds of ₱680,000 payable to the decedent’s estate; (v) shares of stock in a domestic corporation valu...
Citations: National Internal Revenue Code of 1997, as amended (Estate Tax provisions), BIR guidance on gross and net estate and allowable deductions (burial expenses)
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...valued at ₱4,500,000; (iii) a bank deposit of ₱1,900,000; (iv) a life insurance policy on the decedent’s life with proceeds of ₱1,400,000 payable to the decedent’s estate; (v) shares of stock valued at ₱2,200,000; (vi) m...
Citations: National Internal Revenue Code of 1997, as amended (estate tax provisions)
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...of ₱2,100,000; (iii) a motor vehicle valued at ₱550,000; (iv) a life insurance policy on the decedent's life with proceeds of ₱900,000 payable to the decedent's estate; (v) shares of stock in a domestic corporation valu...
Citations: National Internal Revenue Code of 1997, as amended (estate tax provisions), BIR rulings and guidelines on estate tax (guidance on gross estate, deductions, and exemption)
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...e valued at ₱350,000; (iii) a bank deposit of ₱1,800,000; (iv) a life insurance policy with proceeds of ₱900,000 payable to the decedent’s estate; (v) shares of stock in a domestic corporation valued at ₱550,000. There a...
Citations: National Internal Revenue Code of 1997, as amended (Estate Tax provisions)
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...valued at ₱5,000,000; (ii) a bank deposit of ₱2,000,000; (iii) a life insurance policy with proceeds of ₱600,000 payable to the decedent’s estate. There are no other assets or outstanding debts. Burial expenses incurred...
Citations: National Internal Revenue Code of 1997 (as amended), Estate Tax provisions (NIRC)
Question
Commercial and Taxation Laws | Estate Tax (Basic Principles and Concepts only) | ESSAY
Medium
...of ₱3,200,000; (iii) a motor vehicle valued at ₱900,000; (iv) a life insurance policy on the decedent's life with proceeds of ₱2,000,000 payable to the decedent’s estate; (v) shares of stock in a domestic corporation va...
Citations: National Internal Revenue Code of 1997 (as amended) – Estate Tax provisions; BIR guidelines on gross estate and allowable deductions.
Question
Commercial and Taxation Laws | Notice and Proof of Loss | ESSAY
Medium
A fire loss affects a commercial building insured under a fire insurance policy issued by ABC Insurance to XY Corp. The insurer denies the claim on the ground that notice of loss and a sworn proof of loss were not timely...
Citations: Presidential Decree No. 612 (Fire Insurance Code), as amended by Republic Act No. 10607, Republic Act No. 10607
Question
Commercial and Taxation Laws | Concealment | ESSAY
Medium
(a) State the controlling doctrine of concealment under the Insurance Code (PD 612, as amended by RA 10607) and list its essential elements. (b) Facts: An applicant for a health insurance policy with Insurer Co., a graph...
Citations: Presidential Decree No. 612 (Insurance Code), Republic Act No. 10607
Question
Commercial and Taxation Laws | Nature of Bank Funds and Bank Deposits | ESSAY
Medium
Brightline Bank, a domestic commercial bank, accepts a demand deposit from Elena Dizon and a time deposit from Summit Holdings, Inc. The bank uses a substantial portion of its deposit liabilities to fund a loan to NovaSo...
Citations: General Banking Law (Philippines), Civil Code provisions on deposit contracts, Philippine Deposit Insurance Corporation (PDIC), Banking regulatory framework (supervisory standards)
Question
Commercial and Taxation Laws | Concealment | ESSAY
Medium
An applicant for a term life insurance policy with Insurer Co. fails to disclose two material facts: (i) a diagnosis of type 2 diabetes mellitus requiring insulin, known to the applicant for several years, and (ii) a rec...
Citations: Presidential Decree No. 612 (Insurance Code), as amended by Republic Act No. 10607 (RA 10607)., Republic Act No. 10607 (An Act Amending the Insurance Code).
Question
Commercial and Taxation Laws | Representation | ESSAY
Medium
An insurance agent, Nica Morales, of Pacifica Assurance Corp. in Davao negotiates fire insurance coverage for Aurora Manufacturing Co.’s warehouse. Morales tells Aurora that Pacifica will bind a fire policy of up to PHP...
Citations: Presidential Decree No. 612 (Insurance Code), as amended by Republic Act No. 10607, Republic Act No. 10607 (amendments to the Insurance Code) — authorities on binder authority and representation in insurance
Question
Commercial and Taxation Laws | Policy | ESSAY
Medium
An insured company, Daryo Logistics Co., applies for a marine cargo insurance policy with Pacifica Insurance Co. for a shipment of 2,000 cartons of lithium-ion batteries valued at PHP 12,000,000 to be transported from Ma...
Citations: Presidential Decree No. 612, as amended by Republic Act No. 10607, Republic Act No. 10607 (Insurance Code amendments)
Question
Commercial and Taxation Laws | Rescission of Insurance Contracts | ESSAY
Medium
An insurer issued a fire and property insurance policy to Crestwood Manufacturing Corp. covering a warehouse storing electronics valued at PHP 12,000,000. In Crestwood’s application, the company stated that the warehouse...
Citations: Presidential Decree No. 612, as amended by Republic Act No. 10607 (Insurance Code)
Question
Commercial and Taxation Laws | Insurable Interest | ESSAY
Medium
Hopewell Enterprises, a family-owned design firm, takes out a life insurance policy on the life of its key designer, Ana Morales, with Hopewell Enterprises as owner and sole beneficiary. Ana is not related to the firm by...
Citations: Presidential Decree No. 612 (Insurance Code), as amended by Republic Act No. 10607, Insurance Code of the Philippines
Question
Commercial and Taxation Laws | Concept of Insurance | ESSAY
Medium
...with no family, financial, or business tie to Tito, purchases a life insurance policy on Tito’s life. Manny is named the owner and sole beneficiary, and he alone pays the premiums. Tito has no insurable interest in Mann...
Citations: Presidential Decree No. 612 (Insurance Code), as amended by Republic Act No. 10607
Question
Commercial and Taxation Laws | Notice and Proof of Loss | ESSAY
Medium
...s a manufacturing facility in a covered area insured under a property insurance policy issued by DeltaGuard Insurance Co. The building and its machinery suffer substantial earthquake damage. DeltaGuard denies the claim o...
Citations: Presidential Decree No. 612 (Insurance Code), Republic Act No. 10607
Question
Commercial and Taxation Laws | Rescission of Insurance Contracts | ESSAY
Medium
(a) Identify the controlling doctrine governing rescission of insurance contracts under PD 612 as amended by RA 10607 and state its essential elements. (b) DynaTrans Logistics, Inc. obtained a PHP 9,000,000 inland transi...
Citations: Presidential Decree No. 612 (Insurance Code), Republic Act No. 10607 (The Insurance Code amendments)
Question
Commercial and Taxation Laws | Concept of Insurance | ESSAY
Medium
A borrows money from Bank X and, to secure the loan, takes out a life insurance policy on his own life. Bank X is named as the sole beneficiary and, at the time of policy issuance, is also the assignee for collateral. Pr...
Citations: Presidential Decree No. 612 (Insurance Code) as amended by Republic Act No. 10607
Question
Commercial and Taxation Laws | Concealment | ESSAY
Medium
A manufacturing company applies for a property insurance policy with Insurer Co. The applicant fails to disclose a known termite infestation and preexisting structural damage to the insured warehouse. The policy is issue...
Citations: Presidential Decree No. 612 (Insurance Code of the Philippines), Republic Act No. 10607 (amendments to the Insurance Code)