What is the estate tax return of Mark De Guzman?

Administration Of Wills/Trusts/ And Estates
5th Edition
ISBN:9781285281308
Author:Brown
Publisher:Brown
Chapter4: Intestate Succession
Section: Chapter Questions
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What is the estate tax return of Mark De Guzman?
Mark De Guzman died intestate on May 10, 2021 and is survived by his wife and two children.
PERSONAL DATA OF DECEASED:
Married on April 1, 1989
60 years old at the time of death.
Wife: Antonette De Guzman
DATA ON THE ESTATE OF DECEASED:
COST/VALUE
P10,000,000
9,000,000
ITEMS
ACQUISITION DATE
FV AT DEATH
August 1988
September 2010
Family Home-PH
P29,000,000
House and Lot-PH
15,000,000
65,000
Rental Income on
House&Lot
January 2015
February 1985
600,000
800,000
Car-PH
900,000
Stocks-Abroad
200,000
Stocks-PH
April 2008
400,000
900,000
600,000
2,000,000
Business Interest
1995
Lot inherited from Parents on December 1999-PH
300,000
700,000
Lot donated to deceased on August 2018, with
800,000
1,100,000
unpaid mortgage of 500,000 to be assumed by
donee
Movables-PH
1980
200,000
900,000
150,000
Mobables-PH
1989-2021
600,000
450,000
Receivables
2000-2021
450,000
Losses, Obligations
and Charges
Unpaid Mortgage on
2,500,000
House and Lot
Unpaid Mortgage on
200,000
Lot donated to the
deceased
Bad Debts written off
200,000
Losses on business interest not claimed by the business (incurred 3 months
after death of decedent)
500,000
Transcribed Image Text:Mark De Guzman died intestate on May 10, 2021 and is survived by his wife and two children. PERSONAL DATA OF DECEASED: Married on April 1, 1989 60 years old at the time of death. Wife: Antonette De Guzman DATA ON THE ESTATE OF DECEASED: COST/VALUE P10,000,000 9,000,000 ITEMS ACQUISITION DATE FV AT DEATH August 1988 September 2010 Family Home-PH P29,000,000 House and Lot-PH 15,000,000 65,000 Rental Income on House&Lot January 2015 February 1985 600,000 800,000 Car-PH 900,000 Stocks-Abroad 200,000 Stocks-PH April 2008 400,000 900,000 600,000 2,000,000 Business Interest 1995 Lot inherited from Parents on December 1999-PH 300,000 700,000 Lot donated to deceased on August 2018, with 800,000 1,100,000 unpaid mortgage of 500,000 to be assumed by donee Movables-PH 1980 200,000 900,000 150,000 Mobables-PH 1989-2021 600,000 450,000 Receivables 2000-2021 450,000 Losses, Obligations and Charges Unpaid Mortgage on 2,500,000 House and Lot Unpaid Mortgage on 200,000 Lot donated to the deceased Bad Debts written off 200,000 Losses on business interest not claimed by the business (incurred 3 months after death of decedent) 500,000
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