Problem 1 The administrator of a decedent’s estate (head of the family) provided the following data: Property Domestic shares of 2,000 shares inherited 6 years ago 8,000,000 House and lot, family home, located in Davao, inherited 2 years ago at a value of 1,500,000 2,000,000 Jewelry items in the Philippines at the time of death 400,000 Jewelry items kept in a vault abroad 200,000 Bank deposit in a Philippine branch of a US bank 5,000,000 Interest from bank deposits after decedent’s death 25,000 Expenses and other charges Funeral expenses abroad 80,000 Funeral expenses Philippines 200,000 Judicial expenses abroad 100,000 Judicial expenses, Philippines 50,000 Claims against the estate with the notarized debt instrument issued in the Philippines 120,000 Donation to the Philippine government as provided in his will 250,000 Required Determine the following if the decedent was a Filipino citizen but a resident of Australia Taxable Net Estate Estate Tax Due Determine the following if the decedent was not a Filipino citizen but a resident of Davao City Taxable Net Estate Estate Tax Due
Problem 1
The administrator of a decedent’s estate (head of the family) provided the following data:
Property
|
Domestic shares of 2,000 shares inherited 6 years ago |
8,000,000 |
|
House and lot, family home, located in Davao, inherited 2 years ago at a value of 1,500,000 |
2,000,000 |
|
Jewelry items in the Philippines at the time of death |
400,000 |
|
Jewelry items kept in a vault abroad |
200,000 |
|
Bank deposit in a Philippine branch of a US bank |
5,000,000 |
|
Interest from bank deposits after decedent’s death |
25,000 |
Expenses and other charges
|
Funeral expenses abroad |
80,000 |
|
Funeral expenses Philippines |
200,000 |
|
Judicial expenses abroad |
100,000 |
|
Judicial expenses, Philippines |
50,000 |
|
Claims against the estate with the notarized debt instrument issued in the Philippines |
120,000 |
|
Donation to the Philippine government as provided in his will |
250,000 |
Required
- Determine the following if the decedent was a Filipino citizen but a resident of Australia
- Taxable Net Estate
- Estate Tax Due
- Determine the following if the decedent was not a Filipino citizen but a resident of Davao City
- Taxable Net Estate
- Estate Tax Due
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