32 Constancio Corpuz, Filipino, single, died on December 5, 2020. He left a gross estate of P32,000,000 which included family home valued at P3,500,000 that he had purchased, and a coconut plantation located in Quezon province valued at P4,100,000 that he inherited from his grandfather on March 5, 2018. The estate tax return of his grandfather showed such coconut plantation with a fair market value of P3,900,000 and that the estate tax was paid by the estate. Mr. Corpuz assumed the unpaid mortgage of P900,000 on the coconut plantation of which only P200,000 remained unpaid as of the time of his death. He had no other liability except a bank loan of P1,300,000 that he obtained for the repair of the family home. How much is the vanishing deduction that the estate of Mr. Corpus may claim?
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Constancio Corpuz, Filipino, single, died on December 5, 2020. He left a gross estate of P32,000,000 which included family home valued at P3,500,000 that he had purchased, and a coconut plantation located in Quezon province valued at P4,100,000 that he inherited from his grandfather on March 5, 2018. The estate tax return of his grandfather showed such coconut plantation with a fair market value of P3,900,000 and that the estate tax was paid by the estate. Mr. Corpuz assumed the unpaid mortgage of P900,000 on the coconut plantation of which only P200,000 remained unpaid as of the time of his death. He had no other liability except a bank loan of P1,300,000 that he obtained for the repair of the family home. How much is the vanishing deduction that the estate of Mr. Corpus may claim?
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