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Activity Gross Estate of A Single Decedent

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107 views2 pages

Activity Gross Estate of A Single Decedent

Uploaded by

Beomi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Chapter Evercises - Deductions pom the Gress Estate REQUIRED: Determine the net following: CASE A — Decedent died prior to effectivity of TRAIN Law 1. Vanishing deductions 2. The net taxable estate CASE A — Decedent died after the effectivity of TRAIN Law 1. Vanishing deductions 2. The net taxable estate P3.19. Pedro (single), a Filipino citizen died in California, US.A. while undergoing medical treatment on November 1, 2015, leaving the following properties and charges: * Cash in bank, P1,200,000 Residential House and lot in Quezon City (family home) 200 sq. m., P12,000 per sq. m., P1,000,000 cost, P2,200,000 zonal value Agricultural land in Canada valued at P1,500,000. The Property was received as a gift from a friend on September 1, 2012. Its value at that time was P1,000,000 net of P400,000 mortgage assumed by Pedro . % of which remained unpaid as of the date of death. Real properties devised to Quezon City government for public use valued at P1,100,000. Common stocks of Digong Corporation (5,000 shares), a domestic corporation — listed in the Philippine Stock Exchange (highest — P110; lowest — P90). Common stocks of Mar Corporation (15,000 shares), a domestic corporation — not listed in the stock exchange. Cost — P60 per share; book value — P50 per share. Only 60% of its business is located in the Philippines. Preferred stocks of Gracy Inc. (3,000 shares), a domestic corporation — not listed in the stock exchange. Cost — P70 per share; book value — P60 per share; par value — P50 per share Shares of stock in a foreign corporation valued at P170,000. Seventy percent (70%) of its business is located in the Philippines > Car (cost — P800,000; book value — P480,000; market value — P500,000) Csi Exercises - Deductions from the Gress é slate Obligations of and charges against certain properties claimed by Pedro's heirs: + it dness: . acco on the residential house and lot which remained unpaid as of the date of death. - * P150,000 Bank loan evidenced by a notarial reement 50,000 (not notarized) claims against the estate arising from a promissory note executed by the decedent for his employer, Alpha Tobacco Manufacturing Corporation. Notarization of loan instruments on loans granted by the employer to its employees are not required. * Funeral Expenses (Except for obituary notices in the Philippines, all other expenses were incurred in U.S.): Burial lot donated by the decedent's siblings P80,000 Coffin bought by the decedent's friends 100,000 Snacks given during wake 20,000 Fees paid for the obituary notices-U.S. 5,000 Fees paid for the Obituary notices-Philippines 15,000 Fees for funeral services 120,000 Fees for prayers and mass 30,000 Expenses for food and drinks consumed 15,000 after burial * Other Expenses/Charges: = Receivables from Miriam (i debtor is a friend from U.S.A, * Medical expenses P400,000; of six (6) insolvent), P80,000. The incurred in U.S.A. reached % was incurred within the settlement period s months, balance is beyond the settlement Period but within twelve (12) months before death. Judicial expenses amounted to P50,000. * Benefits under RA4917, P250,000 REQUIRED: Determine the following: 1) The total gross estate is 2) The deductible funeral expense is 3) The total deductible claim against the estate is 4) The deductible vanishing deduction is 5) The deductible m ledical expenses is 6) The deductible family home is 121

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