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
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
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 37P
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Question
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
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