What is the estate tax return of Mark De Guzman?
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- Mr. F married, under absolute community, died on May 14, 2019, leaving the following: P 10,350,000 650,000 2,000,000 300,000 Family Home (house) Bank Deposit Coconut Plantation Other properties acquired thru labor (inclusive of jewelry, P200,000) Family Lot (inherited 1 year before his marriage w/c is 4 ½ years from the date of death) Family Vacation House, Baguio City 2,000,000 800,000 Deductions: Funeral Expense Amt. pledged as contribution for construction of parish church Accounts Receivable (documented) from debtor who is insolvent Unpaid Mortgage on coconut plantation 80,000 20,000 40,000 200,000 Note: Family lot - FMV 4 % years ago 1,000,000 Compute: Net Taxable Estate and estate tax dueConcepcion, married to Domingo, died leaving the following properties: Car purchased 3 years before marriage – P250,000House and lot acquired during marriage from conjugal funds – P800,000Savings deposit with Banco de Oro, obtained through labor and industry of Domingo – P90,000Fishpond in Pangasinan, acquired through the income from Concepcion’s former Goto House – P200,000Lotto winnings by Domingo – P5,000,000Yamaha wonderbike purchased by Concepcion out of her exclusive property – P50,000Riceland, brought into the marriage by Domingo – P200,000Shares inherited by Concepcion from her mother two weeks ago – P63,000 Required: Compute for the conjugal property, and for Concepcion’s exclusive properties.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.
- 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…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…A married decedent who was under absolute community of properties died on October 15, 2018. His estate provided the following information. Real properties inherited before the marriage from his father who died 3 years before the present decedent's death ₱ 500,000 Real property given as gift by his uncle during marriage 4.5 years before the present decedent's death 15,000,000 Land inherited during the marriage from an aunt who died 6 years before the present decedent's death 10,500,000 House built on the inherited land from aunt using communal fund 9,000,000 Cash income from the real property received as gift by present decedent 500,000 Real properties received as donation by the surviving spouse before the marriage 10,800,000 Real properties acquired by the spouses during the marriage 10,500,000 Personal properties acquired during the marriage 10,000,000 Additional information: Actual funeral expenses 500,000 Judicial expenses 750,000 Medical expenses 800,000 Obligations incurred…
- Mr. X, single, died in Year 2020 leaving the following properties: Family house and lot Car Cash in Bank Compute the Net Estate of Mr. X. Compute the Estate Tax Payable. N.B. - Show solution/s in good form. P9,000,000 2,000,000 5,000,00059 Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1, 2021 leaving the following properties: Real properties: Family home in Laguna (Zonal Php 8 Million; Assessed value Php 4 Million) Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) Inherited house in Manila (Zonal value Php 10 Million; Assessed value Php 5 Million) Other personal properties: Motor vehicles New car – Php 2 Million Used car – Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million Cash Cash in vault – Php 1 Million Cash in Bank of Macabeybi – Php 5 Million Cash in Bank of Pilipens – Php 5 Million Conjugal/Community Deductions: Funeral expense – Php 2 Million Mausoleum – Php 2 Million Judicial expenses – Php 1 Million Unpaid medical…Mr. Sy died leaving the following properties: Rest house in Cebu, acquired before marriage 7,000,000 Income from rest house in Cebu 700,000 Condominium in Davao, brought to marriage by wife 3,600,000 Income from condominium in Davao 360,000 Town house in Quezon City, acquired during marriage 10,200,000 Income from town house in Quezon City 1,020,000 Car, inherited by wife during the marriage ( the decedent provided in his will that it shall form part of the common properties of the spouses) 1,300,000 Jewelry, acquired during marriage for exclusive use of the wife 200,000 How much is the gross estateunder Conjugal Partnership of Gains?
- 64. Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1,2021 leaving the following properties: Real properties: Family home in Laguna (Zonal Php 8 Million; Assessed Value Php 4 Million) Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) Inherited house in manila (Zonal value Php 10 Million; Assessed value Php 5 Million) Other personal properties: Motor vehicles New car = Php 2 Million Used car = Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million. Cash Cash in vault - Php 1 Million Cash in Bank of Macabeybi - Php 5 Million Cash in Bank of Pilipens - Php 5 Million Conjugal/ Community Deduction: Funeral expense - Php 2 Million Mausoleum - Php 2 Million Judicial expenses - Php 1 Million Unpaid medical expenses…9 During the current year 2021, Nicanor, Jr. who resides in R. Papa Street, Sampaloc Manila and with Tin 135-567-890-006. Made the following gifts: Date Donee Amount of donation June 1, 2018 Junior, his son, on account of his marriage celebrated June 1, 2018 P 150,000 cash July 10, 2018 His friend Aprot P 400,000 a second hand motor vehicle September 30, 2018 His daughter Julia P 450,000 cash dowry, on account of her scheduled marriage on October 25, 2018 November 23,2018 His father, Nicanor, Sr. A parcel of land worth P 180,000, subject to the condition that his father would assume the mortgage indebtedness of Jose in the amount of P 40,000; Using Donor’s Tax Return (BIR Form No. 1800), how much will be reflected on line 14 (Total net gifts) for the return to be filed on November 23, 2018?Harmony, a citizen and resident of the Philippines, married, died, leaving the following properties: Real and personal properties acquired during the marriage, P3,000,000 House and lot inherited from the father 1 ½ years ago (with a fair market value at that time of P1,500,000), and used at the time of his death as home for his family, P2,000,000 Toyota Vios, purchased with cash received as gift from the mother during the year, P500,000 Cash (including P500,000 received by inheritance from the Father), P1,500,000 Claims against conjugal properties, P600,000 Unpaid mortgage on the house and lot inherited (from an original of P600,000 when inherited), P100,000 How much is the vanishing deductions? P 450,000 P1,130,000 P1,080,000 P1,530,000