While he was traveling with friends, Mr. Juan, resident Filipino citizen, died on January20, 2021 in a California Hospital, USA, leaving personal and real properties with market values as follows: House and Lot in Quezon City - P10 Million; Cash in bank in California - US$10,000.00; Citibank in New York - US$5,000.00; Cash in BPI Makati - P4 Million; Car in Quezon City - P1Million; Shares of stocks of Apple Corporation, US corporation listed in NY Stock Exchange - $5,000 . His gross estate for Philippine estate tax purposes shall be?(Exchange rate US$1 = P50) *

While he was traveling with friends, Mr. Juan, resident Filipino citizen, died on January20, 2021 in a California Hospital, USA, leaving personal and real properties with market values as follows: House and Lot in Quezon City - P10 Million; Cash in bank in California - US$10,000.00; Citibank in New York - US$5,000.00; Cash in BPI Makati - P4 Million; Car in Quezon City - P1Million; Shares of stocks of Apple Corporation, US corporation listed in NY Stock Exchange - $5,000 . His gross estate for Philippine estate tax purposes shall be?(Exchange rate US$1 = P50) *

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 15P

See similar textbooks

Similar questions

Manny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in Manila. To Mika, jewelry worth P100,000 in Korea. To Miriam, Ayala Corporation shares amounting to P150,000. To Mario, a building in France P1,600,000 mortgaged for P80,000 (62.5% was assumed by Mario). To Maynard, land in Cebu worth P300,000. To Melvin, P300,000 cash, Deutsche Bank, Brooklyn branch. To Maria, P200,000 receivable from the latter, 50% condoned by Manny. Required: Determine the following circumstances: Donor’s tax due of Manny Donor’s tax due of Manny assuming he is a nonresident alien without reciprocity Donor’s tax due of Manny assuming he is a nonresident alien with reciprocity
EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020: To his brother in Canada, a Volvo car valued at P10,000,000. Donor’s tax paid to the Canadian Government amounted to P60,000. To his sister in the United States, a house and lot valued at P20,000,000. His sister was to assume the mortgage on the house and lot amounting to P5,000,000. The donor’s tax paid to the US Government amounted to P80,000. To his cousin in the Philippines, shares of stock of Kensington Corporation, a Philippine corporation, valued at P7,000,000. Round your answer to the nearest peso. (e.g. 101.50 = 102) How much is the donor’s tax due after considering the credit for the taxes paid in Canada and in United States?
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 Jose Peralta, a Filipino merchant residing in Greenhils, made the following gifts in 2021 and 2022. On January 31, 2021, to his legally adopted son Teddy, a bungalow in Sta Mesa, valued at 240,000 on account of marriage to Susan, which was held on January 6, 2020. On May 3, 2021 to his brother Gregory, a parcel of land in Makati, valued at 450,000 with unpaid mortgage of 10,000. On June 17, 2021 to his daughter Chie the sum of P50,000 on accou t of marriage to Jun Salvador on June 22, 2008. On October 1, 2021 to his sister Beth, a resident of California, his Toyota car model 1988, Long Beach, California valued at 150,000. On January 18, 2022, to Jess Casino, a close friend, a jade ring valued at 300,000 as birthday gift. Compute the donor’s tax due on each donation
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…
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?
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?
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…
Juliet, a Filipina made the following donations. a. To Nick, a land worth P450,000 in Manila. b. To Rosalee, jewelry worth P100,000 in Japan. c. To Adalind, PLDT shares amounting to P150,000, d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee. e. To Drew, land in Davao worth P300,000. f. P300,000 cash, PNB New York to Hank g. P200,000 receivable,50% condoned by Juliet She has also transferred the following properties: Selling Price FMV Car, Makati P200,000 P300,000 Car, Malaysia 300,000 200,000 Rest House, Tagaytay 1,000,000 2,000,000 Rest House, Malaysia 1,500,000 2,500,000 1. How much is the gross gift? a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000 2. If she is a non-resident Alien, her gross gift is: a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000 3. If she is a non-resident alien, and there is reciprocity law, her gross gift is: a. P850,000 c. P I,050,000 b. P950,000 d. P700,000
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…
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
Juliet, a Filipina made the following donations: To Nick Land in Manila 450,000 To Rosalee Jewelry in Japan 100,000 To Adalind PLDT Shares 150,000 To Renard Building in Italy with mortgage of P50,000 assumed by the done 1,600,000 To Drew Land in Davao 300,000 To Hank Cash in PNB New York 300,000 REQUIREMENT: DONOR’S TAX DUE