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The following information were from the estate of a married decedent who died on June 2016:
Property:
Family home acquired during marriage ₱15,000,000
Domestic shares inherited 6 years ago during marriage ₱10,000,000
Bank deposit, representing dividend earned during the marriage ₱1,000,000
Jewelry received as gift 8 years ago during marriage ₱2,000,000
Expenses:
Losses ₱1,000,000
Unpaid taxes ₱500,000
Unpaid mortgage ₱1,500,000
QUESTION:
1. ½ share of the surviving spouse is
2. Net taxable estate of the decedent is
Step by step
Solved in 4 steps
- The following information were from the estate of a married citizen decedent who died on January 2021: Properties: Family home P12,000,000 Domestic shares inherited 6 years ago during marriage 6,000,000 Bank deposit, representing dividend earned during marriage 1,000,000 Jewelry received as gift 8 years ago during marriage 1,000,000 Expenses: Claims against the estate 4,000,000 Funeral expenses 1,000,000 Judicial expenses 500,000 Under conjugal partnership of gains, gross conjugal property is_The following data were taken from the records of a citizen decedent: Land inherited from his mother two years before death, during marriage, with a value of P15,000,000 when inherited. P24,000,000 Other personal property owned before marriage 16,000,000 Other personal property acquired during marriage 5,000,000 Claims against the estate 2,000,000 Medical expenses 5,000,000 Losses 1,000,000 How much is the estate tax due?The following data were taken from the records of a citizen decedent: Land inherited from his mother two years before death, during marriage, with a value of P15,000,000 when inherited. P24,000,000 Other personal property owned before marriage 16,000,000 Other personal property acquired during marriage 5,000,000 Claims against the estate 2,000,000 Medical expenses 5,000,000 Losses 1,000,000 How much is the donor's tax due under CPG
- Nicanor, head of the family, died in 2020. The list of his properties is given below: House and lot (family home) - Php 25,000,000 Cash in bank (Philippines) - Php 5,000,000 Jewelries - Php 5,000,000 Personal properties - Php 5,000,000 During settlement of estate, the following information were provided: Funeral and judicial expenses - Php 1,000,000 Claims against estate (unpaid medical expenses) Php 2,000,000 Claims against the estate (loan) - Php 2,000,000 Losses - Php 2.000.000 How much is estate tax due?The gross estate of the decedent includes the following properties Car acquired before marriage by Arthur P300,000 Car acquired before marriage by wife 450,000 House and lot acquired during marriage 1,500,000 Jewelries of wife 100,000 Personal properties inherited by Arthur during marriage 250,000 Benefits from SSS…On December 25, 1985, Peter and Andrea De Guzman were married. On June 12, 2020 Andrea died. On January 10, 2021, the inventory of their assets registered as follows: Acquired before marriage Peter Andrea Car P800,000 P550,000 Inherited land 2,000,000 Cash 500,000 Acquired during marriage Peter Andrea Cash P250,000 P350,000 Fruits from inherited land 500,000 These are in addition to a family home worth P12,800,000 and a farm worth P15,000,000 which they acquired jointly. Compute for the estate tax due provided that the following ordinary deductions were accounted: Funeral expenses P350,000 Unpaid mortgages 400,000 Required: 1. Compute for the estate tax due using 6% flat rate. 2. Justify the basis of computation, use the rules for married decedent as reference.
- Nicanor left the following bank deposits upon his death: Uno Bank- Php 1,000,000 Dos Bank Php 2,000,000 Tri Bank - Php 3.000.000 a. How much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax? b. How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax? c. How much is the estate tax?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?Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business 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. P34,000 36,000 P32,000 P108,000
- 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 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 P1,530,000Concepcion, 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.16 Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of…