How much is the gross estate of Mr. Jack Jones assuming there is no reciprocity between the US and the Philippines?
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Jack Jones, an American residing in New Jersey, USA, single, died on October 1, 2020. His executor provided to you the following information on his estate:
|
House and lot in New Jersey, USA |
P |
8,000,000 |
|
Shares of stock of Pasig Textiles, Inc., a domestic corporation |
|
600,000 |
|
Bank deposit at PNB – Manila |
|
300,000 |
|
Shares of stock of Grant Corporation, a corporation formed in New Jersey, 88% of the business of which is located in the Philippines |
|
1,000,000 |
|
Shares of stock of Bluebird Corporation, a corporation organized in New Jersey, 45% of the business is locate in New Jersey, but the shares have acquired a business situs in the Philippines |
|
900,000 |
|
Promissory note from Jose Juan, a resident of Pampanga |
|
200,000 |
|
Promissory note from John Weeks, a resident of New Jersey, USA |
|
100,000 |
|
Condominium unit at Trafalgar Suites in Makati |
|
2,800,000 |
|
Franchise of NJ Coffee, exercised in New Jersey |
|
3,000,000 |
How much is the gross estate of Mr. Jack Jones assuming there is no reciprocity between the US and the Philippines?
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- Problem 1 The administrator of a decedent’s estate (head of the family) provided the following data: Property Domestic shares of 2,000 shares inherited 6 years ago 8,000,000 House and lot, family home, located in Davao, inherited 2 years ago at a value of 1,500,000 2,000,000 Jewelry items in the Philippines at the time of death 400,000 Jewelry items kept in a vault abroad 200,000 Bank deposit in a Philippine branch of a US bank 5,000,000 Interest from bank deposits after decedent’s death 25,000 Expenses and other charges Funeral expenses abroad 80,000 Funeral expenses Philippines 200,000 Judicial expenses abroad 100,000 Judicial expenses, Philippines 50,000 Claims against the estate with the notarized debt instrument issued in the Philippines 120,000 Donation to the Philippine government as provided in his will 250,000 Required Determine the following if the decedent was a Filipino citizen but a resident…Sally, a UK citizen, died on 10 October 2020 leaving an estate made up as follows: Her main residence valued at £875,000. The property had a £525,000 mortgage secured on it. A Croatian holiday apartment valued at £160,000. Bank balances of £1,070,000. 8,000 shares in quoted company. The Stock Exchange Daily Official List (SEDOL) on the day of her death valued these as: 60p to 68p with marked bargains ranging between 58p to 68p. Sally had taken out a life insurance policy on her own life. The policy was written into trust for her daughters. Following her death, Sally’s two daughters received insurance proceeds of £95,000. Sally had contributed £50,000 into the policy during her lifetime and the policy’s value on the date of death was £90,000. The following debts and liabilities were owed by Sally on her death: Household utility bills, tax liabilities, etc. £19,000. Her funeral costs amounted to £8,460. Sally had made two lifetime transfers to individuals – the first on 3 September 2013…Mama 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?
- The administrator of a decedent’s estate (head of the family) provided the followingdata:PropertyDomestic shares of 2,000 shares inherited 6 years ago 8,000,000House and lot, family home, located in Davao, inherited 2 years agoat a value of 1,500, 000 2,000,000Jewelry items in the Philippines at the time of death 400,000Jewelry items kept in a vault abroad 200,000Bank deposit in a Philippine branch of a US bank 5,000,000Interest from bank deposits after decedent’s death 25,000Expenses and other chargesFuneral expenses abroad 80,000Funeral expenses Philippines…Accounting In January 2020, Mrs. Cristiflor Buduhan, a widow and a Filipino citizen, executed a last will and testament regarding some of her assets as follows: I nheritance FMV at time of death Heirs_____________ Real property P4,000,000 Christopher (her son) Jewelries 1,000,000 Cristeta (her daughter) Car 200,000 Crisistomo (driver) In November 1, 2020, Mrs. Buduhan, died. Not included in her last will and testament was her 40% interest in EGV partnership amounting to P5,000,000 at the time of her death. Her undistributed income from partnership was P3,000,000 as of November 1, 2020. Actual expenses incurred during the interment are funeral, P200,000, and judicial, P100,000. Also there is an unpaid mortgage on the real property amounting to P300,000. How much estate will be given to Christopher? How much estate will be given to Cristeta? How much estate will be given to Crisostomo?The following information were from the estate of a married citizen decedent who died on January 2021: Properties: Family home P12,000,000 Domestic shares inherited 6 years ago during marriage 6,000,000 Bank deposit, representing dividend earned during marriage 1,000,000 Jewelry received as gift 8 years ago during marriage 1,000,000 Expenses: Claims against the estate 4,000,000 Funeral expenses 1,000,000 Judicial expenses 500,000 Under conjugal partnership of gains, gross conjugal property is_
- 37 Domingo Dominico, a Filipino residing in Marikina City, made the following donations in favor of his son Domingo Jr., 2020: March 1, 2020-A parcel of land valued at P200,000. July 31, 2020-Shares of stock of San Miguel Corporation valued at P800,000. September 30, 2020-A Toyota Land Cruiser, valued at P3,500,000, which was subject to a chattel mortgage of P800,000, to be assumed by Domingo, Jr. who paid it immediately upon receipt of the donation. December 10, 2020-Cash of P2,000,000. How much is the donor’s tax still due upon the filing of the donation made on December 10, 2020?Mr. Sadiq died on 5 May 2020, leaving an estate comprising: 10,000 ABC plc shares, valued at £24,400 wife Main residence worth £350,000 Son Investment property valued at £84,000 Daughter 1,000 XYZ Investment Ltd shares valued at £68,000 Mr Sadiq had an outstanding unsecured loan of £5,750 to his bank at the time of his death. Mr. Sadiq left a will directing that his wife should take the ABC plc shares, the main residence should go to his son and the rest of his estate should go to his daughter. He had made one gross chargeable transfer during his lifetime in 2014 of £232,000. Required Show the IHT payable on Sadiq's estate.Juana, a Filipina died in Ukraine left the following properties House and lot in Ukraine 1,500,000 Vacant lot in Quezon City 3,000,000 Shares of stocks of Domestic Corp., 60% of the business located in the Philippines 400,000 Shares of stocks in a Foreign Corp.70% of the business is located in the Phils. 500,000 Car in Ukraine 900,000 a. How much is the gross estate. b. Given the same information, how much is the gross estate if Juana is non-resident alien?
- Mr. Yamazaki, a Japanese citizen residing in Tokyo, Japan, died with the following properties in the Philippines: P2,000,000 car – given to a resident Filipino friend as a revocable donation; Mr. Yamazaki waived his right to revoke the donation on his last visit to the Philippines. P4,000,000 share investment in listed firms held by a Philippine stock broker P5,000,000 interest in a partnership operating in the Philippines Filipino non-residents are not subject to estate tax in Japan. Compute the gross estate of Mr. Yamazaki.Ricardo was married at the time of death and was survived by his wife and their five legitimate children when he was still alive. He died on November 1, 2018 leaving the following: Real and personal properties in the Philippines P11,000,000 Proceeds of life insurance: Receivable by the estate as revocable beneficiary 5,000,000 Receivable by the spouse as irrevocable beneficiary 3,900,000 Medical expenses within one year prior to death: Paid by the time of death 500,000 Unpaid as at the time of death 400,000 Funeral expenses: Paid by the time of death 200,000 Unpaid at the time of death 300,000…On December 25, 1985, Peter and Andrea De Guzman were married. On June 12, 2020 Andrea died. On January 10, 2021, the inventory of their assets registered as follows: Acquired before marriage Peter Andrea Car P800,000 P550,000 Inherited land 2,000,000 Cash 500,000 Acquired during marriage Peter Andrea Cash P250,000 P350,000 Fruits from inherited land 500,000 These are in addition to a family home worth P12,800,000 and a farm worth P15,000,000 which they acquired jointly. Compute for the estate tax due provided that the following ordinary deductions were accounted: Funeral expenses P350,000 Unpaid mortgages 400,000 Required: 1. Compute for the estate tax due using 6% flat rate. 2. Justify the basis of computation, use the rules for married decedent as reference.