What is Ms. Eun’s reportable gross estate?
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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?
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- 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 payableMama 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?Accounting In January 2020, Mrs. Cristiflor Buduhan, a widow and a Filipino citizen, executed a last will and testament regarding some of her assets as follows: I nheritance FMV at time of death Heirs_____________ Real property P4,000,000 Christopher (her son) Jewelries 1,000,000 Cristeta (her daughter) Car 200,000 Crisistomo (driver) In November 1, 2020, Mrs. Buduhan, died. Not included in her last will and testament was her 40% interest in EGV partnership amounting to P5,000,000 at the time of her death. Her undistributed income from partnership was P3,000,000 as of November 1, 2020. Actual expenses incurred during the interment are funeral, P200,000, and judicial, P100,000. Also there is an unpaid mortgage on the real property amounting to P300,000. How much estate will be given to Christopher? How much estate will be given to Cristeta? How much estate will be given to Crisostomo?
- 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…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…Mr. Fabic a Filipino died in Canada leaving the following: Property Bank deposit Car Location Abroad Cost $1,000,000 650,000 Philippines Family home Philippines 2,800,000 Expenses: Funeral Judicial FMV at Death € 1,000,000 160,000 2,350,000 135,000 45,000 Medical 600,000 Required: Compute the total allowable deductions from the gross estate.
- 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 42,300,000Harmony, 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 P1,530,000Alisha, 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?
- 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…Ms. Barion, a non-resident alien from a country with reciprocity clause, dieddue 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 700,000Ipad 100,000Iphone X 100,000Unused expensive books 1,000,000Jewelry from a revocable transfer made by her sister 100,000 Which of the following considered as real property?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…