Ms. Virginia Habangbuhay, decedent, owned a property valued at P3,000,000 at the time of her death. Thesaid property was sold by her a month before her death to Mr. Steve Maiklingbuhay for P2,000,000 when its value was P2,200,000. It was agreed by Ms. Habangbuhay and Mr. Maiklingbuhay that the transfer of ownership will take place after Ms. Habangbuhay’s death. For estate tax purposes, what is the amount includible in the gross estate of Ms. Habangbuhay?
Ms. Virginia Habangbuhay, decedent, owned a property valued at P3,000,000 at the time of her death. Thesaid property was sold by her a month before her death to Mr. Steve Maiklingbuhay for P2,000,000 when its value was P2,200,000. It was agreed by Ms. Habangbuhay and Mr. Maiklingbuhay that the transfer of ownership will take place after Ms. Habangbuhay’s death. For estate tax purposes, what is the amount includible in the gross estate of Ms. Habangbuhay?
Chapter9: Acquisitions Of Property
Section: Chapter Questions
Problem 57P
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Ms. Virginia Habangbuhay, decedent, owned a property valued at P3,000,000 at the time of her death. Thesaid property was sold by her a month before her death to Mr. Steve Maiklingbuhay for P2,000,000 when its value was P2,200,000. It was agreed by Ms. Habangbuhay and Mr. Maiklingbuhay that the transfer of ownership will take place after Ms. Habangbuhay’s death.
For estate tax purposes, what is the amount includible in the gross estate of Ms. Habangbuhay?
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