DEMISE LAUREL, a resident of Canada and a Canadian citizen as well, died last June 30, 2021 leaving the
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DEMISE LAUREL, a resident of Canada and a Canadian citizen as well, died last June 30, 2021 leaving the properties shown below:
Land in Cebu – P18,800,000
Family home – P 12,500,000
Rest house in Canada – P 8,700,000
Jewelries received from a friend a week before her death – P6,000,000
Vehicles – P 5,000,000
The descendants of DEMISE LAUREL claimed the following deductions:
Funeral expenses – P 2,800,000
Medical expenses – P 1,750,000
Claims against an insolvent person, Ebby – P 6,000,000
Losses – P 1,000,000
Standard deductions – P 5,000,000
What is the amount of the gross estate ?
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- 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?Angel, married resident alien, died on January 15, 2021. She left the following properties, expenses and obligations: Community properties, Philippines (including family home valued at P1,800,000) P8,000,000 Community properties, Abroad 2,000,000 Exclusive properties, Philippines 3,000,000 Claims against the estate (Common) 300,000 Devise to National Gov’t included in Common Properties 500,000 Legacy to Local Gov’t included in exclusive properties 700,000 Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax due and payableA nonresident alien, married, died on September 2018. He left the following:Conjugal properties, Philippines, 5,000,000Exclusive properties, Philippines, 2,000,000Conjugal properties, USA, 10,000,000Exclusive properties, USA, 5,000,000The following deductions were claimed:Actual funeral expenses, 1,250,000Judicial expenses, 800,000Claims against the estate, 1,725,000Transfer for Public Use, 200,000Medical expense, 875,000Included in the Philippines gross estate (conjugal) were the following:Domestic shares, 500,000Share in a partnership, 1,000,000Other tangible personal properties, 3,500,000The Philippine exclusive properties were all tangible personal properties. These includeda car, which was inherited 3 1⁄2 years before the present decedent’s death, and had afair market value of 500,000.RequiredDetermine the following:1. Exclusive Property of the Decedent2. Community Property3. Taxable Net Estate4. Estate Tax Due
- Ms. Eun, single, Filipino citizen, died on her birthday on February 14, 2021 with the following information: House and lot in Makati City (at fair value) 30,000,000 House and lot in San Francisco, California, USA (at fair value) 10,000,000 Personal properties 15,000,000 Uncollected receivables from friends evidenced by promissory notes 2,000,000 Claims against insolvent persons 500,000 Unpaid debts at the time of death What is Ms. Eun’s reportable gross estate?59 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…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
- 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…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 expenses – Php 10 Million How much…Concepcion, 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.
- Mr. Fabic a Filipino died in Canada leaving the following: Property Bank deposit Car Location Abroad Cost $1,000,000 650,000 Philippines Family home Philippines 2,800,000 Expenses: Funeral Judicial FMV at Death € 1,000,000 160,000 2,350,000 135,000 45,000 Medical 600,000 Required: Compute the total allowable deductions from the gross estate.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…