Ms. Barion, a non-resident alien from a country with reciprocity clause, died due heart attack leaving her son she had from a man she met but never married. Experts noticed following properties in her possession in the Philippines: Passbook for an account in ABV Bank, Canada 700,000 Ipad 100,000 Iphone X 100,000 Unused expensive books 1,000,000 Jewelry from a revocable transfer made by her sister 100,000 Which of the following considered as real property?

Ms. Barion, a non-resident alien from a country with reciprocity clause, died due heart attack leaving her son she had from a man she met but never married. Experts noticed following properties in her possession in the Philippines: Passbook for an account in ABV Bank, Canada 700,000 Ipad 100,000 Iphone X 100,000 Unused expensive books 1,000,000 Jewelry from a revocable transfer made by her sister 100,000 Which of the following considered as real property?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 41P

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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?
Mr. Yamazaki, a Japanese citizen residing in Tokyo, Japan, died with the following properties in the Philippines: P2,000,000 car – given to a resident Filipino friend as a revocable donation; Mr. Yamazaki waived his right to revoke the donation on his last visit to the Philippines. P4,000,000 share investment in listed firms held by a Philippine stock broker P5,000,000 interest in a partnership operating in the Philippines Filipino non-residents are not subject to estate tax in Japan. Compute the gross estate of Mr. Yamazaki.
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 payable
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 ? P 48,300,000 P 51,000,000 P 57,000,000 P 42,300,000
Mr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.
Pedro Penduco, decedent, died leaving the following properties and rights: Cash on hand and in banks (half to be given to a social welfare institution as per will) P1,500,000Land in Masbate Province Assessed value per city assessment 100,000 Zonal value per BIR 500,000Land in Bali, Indonesia, fair market value 450,000Car, Philippines (mortgage at P100,000) 400,000Receivable from brother (fully collectible) 50,000Receivable from insolvent uncle 20,000Receivable under accident insurance for accident a year before death 80,000Receivable under property insurance for damaged caused to his car 15,000Receivable under life insurance, mother was designated as irrevocable beneficiary 700,000Receivable under life insurance, administrator was designated as irrevocable beneficiary 500,000Receivable under group life insurance, taken by the decedent’s employer 300,000Rent income on property in Bali, Indonesia that…
Alisha, a resident citizen residing in Singapore during his lifetime, left the following properties: House and lot, Britain P 10,000,000 House, Philippines P 40,000,000 Cars, Philippines P 3,000,000 Shares of stock, Malaysia P 4,000,000 Accounts receivable, Britain P 2,000,000 How much is the gross estate of Nicanor?
Jack Jones, an American residing in New Jersey, USA, single, died on October 1, 2020. His executor provided to you the following information on his estate: House and lot in New Jersey, USA P 8,000,000 Shares of stock of Pasig Textiles, Inc., a domestic corporation 600,000 Bank deposit at PNB – Manila 300,000 Shares of stock of Grant Corporation, a corporation formed in New Jersey, 88% of the business of which is located in the Philippines 1,000,000 Shares of stock of Bluebird Corporation, a corporation organized in New Jersey, 45% of the business is locate in New Jersey, but the shares have acquired a business situs in the Philippines 900,000 Promissory note from Jose Juan, a resident of Pampanga 200,000 Promissory note from John Weeks, a resident of New Jersey, USA 100,000 Condominium unit at Trafalgar Suites in Makati 2,800,000 Franchise of NJ Coffee, exercised in New Jersey 3,000,000…
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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?
Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. A. P34,000 B. 36,000 C. P32,000 D. P108,000
A decedent died leaving the following property: Philippines USA Real Property 5,000,000.00 3,000,000.00 Tangible personal property 3,000,000.00 800,000.00 Intangible personal property 1,800,000.00 1,800,000.00 Determine the Gross Estate if the Decedent is a. Citizenb. Resident Alien ________________c. Non Resident Alien without reciprocity __________________d. Non Resident Alien with reciprocity _________________