Peculiar Properties Included in the Gross Estate

Photo Credit: Hearst Castle California State Parks (grabbed from The Estate Tax is arguably one of the easiest topics in Taxation. However, it has one part that is not so easy to digest because the provision of law seems a little too abstract to law students and lawyers alike. Even CPAs find this subtopic hard to comprehend. But as the title suggests, we are going  dig deep into  the peculiar properties included in the gross estate , the topic I am referring to as a bit too abstract... In General Section 85 provides that the gross estate includes all property of the decedent, real or personal, tangible or intangible, at the time of his death . The last clause is very important as that is the basis for the computation of the gross estate in regards to time. Whatever changes that happened after the death of the decedent are disregarded, so are the events taking place before his passing away. As to location, all properties wherever situated

Procedural Aspect of the Customs Laws in the Philippines

Photo Credit: Rosette Adel through Phil. Star. What agency has the power to collect customs duties in the Philippines?           The Bureau of Customs (BOC) , which is under the control and supervision of the Department of Finance (DOF). What are Customs Districts ?           For administrative purposes, the Philippines is divided into divisions that are called “ customs districts .” Each Customs District is supervised by one District Collector , assisted by as many Deputy District Collectors as necessary. (Sec. 206/CMTA) All ports of entry are under the supervision and control of a Customs District. District Collectors are assigned to the principal ports of entry while Deputy District Collectors are assigned to other ports of entry. (Sec. 207) What are the functions of a District Collector?           The District Collector has the following functions and duties: (1) Ensure entry of all imported goods at the customs office; (2) Pre