Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax due and payable
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Angel, married resident alien, died on January 15, 2021. She left the following properties, expenses and obligations:
Community properties, Philippines (including family home valued at P1,800,000) P8,000,000
Community properties, Abroad 2,000,000
Exclusive properties, Philippines 3,000,000
Claims against the estate (Common) 300,000
Devise to National Gov’t included in Common Properties 500,000
Legacy to Local Gov’t included in exclusive properties 700,000
Compute for the following:
1. Compute for the Gross estate
2. The net estate
3. The estate tax due and payable
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- Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?Mr. Fabic a Filipino died in Canada leaving the following: Property Bank deposit Car Location Abroad Cost $1,000,000 650,000 Philippines Family home Philippines 2,800,000 Expenses: Funeral Judicial FMV at Death € 1,000,000 160,000 2,350,000 135,000 45,000 Medical 600,000 Required: Compute the total allowable deductions from the gross estate.A decedent died leaving the following property: Philippines USA Real Property 5,000,000.00 3,000,000.00 Tangible personal property 3,000,000.00 800,000.00 Intangible personal property 1,800,000.00 1,800,000.00 Determine the Gross Estate if the Decedent is a. Citizenb. Resident Alien ________________c. Non Resident Alien without reciprocity __________________d. Non Resident Alien with reciprocity _________________
- A nonresident alien, married, died on September 2018. He left the following:Conjugal properties, Philippines, 5,000,000Exclusive properties, Philippines, 2,000,000Conjugal properties, USA, 10,000,000Exclusive properties, USA, 5,000,000The following deductions were claimed:Actual funeral expenses, 1,250,000Judicial expenses, 800,000Claims against the estate, 1,725,000Transfer for Public Use, 200,000Medical expense, 875,000Included in the Philippines gross estate (conjugal) were the following:Domestic shares, 500,000Share in a partnership, 1,000,000Other tangible personal properties, 3,500,000The Philippine exclusive properties were all tangible personal properties. These includeda car, which was inherited 3 1⁄2 years before the present decedent’s death, and had afair market value of 500,000.RequiredDetermine the following:1. Exclusive Property of the Decedent2. Community Property3. Taxable Net Estate4. Estate Tax DueA decedent died leaving the following property: Philippines USA Real Property 5,000,000.00 3,000,000.00 Tangible personal property 3,000,000.00 800,000.00 Intangible personal property 1,800,000.00 1,800,000.00 Determine the Gross Estate if the Decedent is a. Citizenb. Resident Alien ________________c. Non Resident Alien with reciprocityMama Mathay, widow, a citizen of the Philippines residing in Canada, died in December 2022 leaving the following properties: Real property (inherited from her husband on May 3, 2021 valued then at P2,600,000), P2,960,000 Personal properties in Canada, P1,300,000 Real and personal properties in the Philippines, P670,000 Family home in Canada, P2,500,000 How much is the gross estate of Mama Mathay?
- Pedro Penduco, decedent, died leaving the following properties and rights: Cash on hand and in banks (half to be given to a social welfare institution as per will) P1,500,000Land in Masbate Province Assessed value per city assessment 100,000 Zonal value per BIR 500,000Land in Bali, Indonesia, fair market value 450,000Car, Philippines (mortgage at P100,000) 400,000Receivable from brother (fully collectible) 50,000Receivable from insolvent uncle 20,000Receivable under accident insurance for accident a year before death 80,000Receivable under property insurance for damaged caused to his car 15,000Receivable under life insurance, mother was designated as irrevocable beneficiary 700,000Receivable under life insurance, administrator was designated as irrevocable beneficiary 500,000Receivable under group life insurance, taken by the decedent’s employer 300,000Rent income on property in Bali, Indonesia that…Mr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.What is the gross estate of the decedent if he is a non-resident alien and there is reciprocity with Japan and France? A decedent left the following properties: Properties Amount in Php Bank deposit in Japan 80,000 Franchise in Japan 100,000 Land in France (with PhP1 million unpaid mortgage) Land in Benguet Province (acquisition cost) Other personal properties Receivables from debtor in Philippines 2,000,000 500,000 300,000 70,000 Receivables from debtor in Japan Shares of stocks of ABC, foreign corporation, 75% of the business in the Philippines Shares of stocks of PLDT, Philippines Zonal value of the land in Benguet 100,000 125,000 75,000 750,000 500,000 750,000 1,050,000
- A donor gave the following donations during 2021: March 5 – Land located in the Philippines valued at P3,000,000.00 to her uncle subject to the condition that the latter will pay the donor’s tax due and unpaid mortgage amounting to P500,000.00. May 1 – Land located in Makati City valued at P1,950,000 to her daughter, on account of marriage December 30 – Building in Australia valued at P3,500,000.00 to her Donor’s tax paid in Australia was P250,000.00. Questions: Compute the donor's tax payable on the March 5 donation.A decedent left the following properties: His heirs inquired you about estate tax matters. Land in Spain (with P1M unpaid mortgage) P2,000,000; Land in Batangas, Philippines 500,000; Franchise in Switzerland 100,000; Receivable from debtor in Philippines 70,000; Receivable from debtor in Switzerland 100,000; Bank deposits in Switzerland 80,000; Shares of stocks of ABS-CBN (listed), Philippines 75,000; Shares of stocks of RPH, foreign corporation 80% of the business in the Philippines 125,000; Other personal properties 300,000; Zonal value of the land in Batangas 750,000. i. If the decedent is a non-resident citizen, his gross estate is i. If the decedent is a non-resident alien without reciprocity, his gross estate is ii. If the decedent is a non-resident alien with reciprocity, his gross estate is iv. Assuming the ABs-CBN shares are not listed, and there are 1,000 shares at the time of death, ABC-CBN's outstanding shares were 10,000 shares. Its retained earnings were P2,000,000, par…X, Non-resident alien, died in 2022, left the following properties: Land in Italy (with P1 million unpaid mortgage), P2,000,000 Land in Laguna, Philippines, with Cost of P500,000 and Zonal Value of P900,000 Bank deposits in USA, P80,000 Receivable from debtor living in USA; P70,000 Shares of stocks of PLDT, Philippines, P90,000 Other personal properties in manila at cost P100,000 (Fair Market Value is P120,000) Shares of stocks of foreign corporation, 75% of business in Philippines; P400,000 What is the gross estate?