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Gross Estate: Common Shares - Book Value Preference Shares - Par Value

The document outlines the valuation and taxation of a gross estate. It defines what assets are included, such as real estate at fair market value or assessed value, personal property at closing price or book/par value, business interests, and life insurance proceeds. It also covers deductions for claims/debts, mortgages, losses, taxes, and previously taxed property. For married decedents, it details calculating the surviving spouse's share, special deductions, net taxable estate, estate tax rate, credit, and amount due.

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Michael Aquino
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208 views3 pages

Gross Estate: Common Shares - Book Value Preference Shares - Par Value

The document outlines the valuation and taxation of a gross estate. It defines what assets are included, such as real estate at fair market value or assessed value, personal property at closing price or book/par value, business interests, and life insurance proceeds. It also covers deductions for claims/debts, mortgages, losses, taxes, and previously taxed property. For married decedents, it details calculating the surviving spouse's share, special deductions, net taxable estate, estate tax rate, credit, and amount due.

Uploaded by

Michael Aquino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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GROSS ESTATE

REAL PROPERTIES (Whichever is higher)


FMV Zonal Value FMV assessed value
FAMILY HOME (Whichever is higher)
FMV Zonal Value FMV assessed value
PERSONAL PROPERTIES
STOCKS
Listed (Traded in the stock exchange) Closing price on the date of death
Not listed (Not listed) Common shares – Book Value
Preference Shares – Par Value
BONDS, FRANCHISE, INTEREST IN PARTNERSHIP Fair market value
TAXABLE TRANSFERS
TRANSFER IN CONTEMPLATION OF DEATH Death is the motivating factor to transfer
REVOCABLE TRANSFER Decedent has reserved the right to alter, amend, revoke the transfer
PROPERTY PASSING UNDER GPA
PROCEEDS OF LIFE INSURANCES (exempted benefits - special laws) Estate, admin or executor (Revocable or irrevocable) – Part of GE
Third party (Revocable) – Part of GE
Third party (Irrevocable) – Not part of GE
TRANSFERS FOR INSUFFICIENT CONSIDERATION Insufficient consideration the excess of fair market value
TRANSFER WITH RETENTION OR RESERVATION OF CERTAIN Only the naked title has been transferred
RIGHTS
BUSINESS INTEREST
Sole proprietorship, partnership or corporation (95% ownership) Equity of the business
ORDINARY DEDUCTION (CUCULT)
CLAIMS AGAINST THE ESTATE
Debts or demands from contract, tort or operation of law
UNPAID MORTGAGES
Unpaid debts with accessory contracts (mortgage or collateral)
CLAIMS OF THE DECEASED AGAINST THE INSOLVENT PERSON
Not being able to pay the money owed because of insolvency
UNPAID TAXES
Accrued as of the death if the decedent (Before and up to death only)
LOSSES
Deductible if happens after death Losses incurred during the settlement of the estate (fires, storms, shipwreck or others)
TRANSFER FOR PUBLIC USE
Transfer to private and public purposes
PROPERTY PREVIOUSLY TAXED (Vanishing deduction)
Vanishing deduction rates Within 1 year (100%)
1 yr. -2 yrs. (80%)
2 yrs. – 3 yrs. (60%)
3yrs. – 4 yrs. (40%)
4 yrs. – 5 yrs. (20%)
More than 5 yrs. (0%)
Initial Value (FMV at the time of transfer vs FMV at time of death of present decedent, whichever is lower) xx
Less: Mortgage paid by decedent (xx)
Initial Basis xx
Portion deduction: CUCUL x Initial Basis / Gross Estate (xx)
Final Basis xx
Rate %
Vanishing deduction xx
SPECIAL DEDUCTION (RC, NRC, RA)
Standard deduction 5,000,000
Family Home 10,000,000 (whichever is lower, if conjugal divided by 2)
MARRIED DECEDENT
EXCLUSIVE COMMON TOTAL
PROPERTY PROPERTY

GROSS ESTATE XX XX XX

ORDINARY DEDUCTIONS (XX) (XX) (XX)

TOTAL XX XX* XX

SHARE OF SURVIVING SPOUSE (XX* / 2) (XX)

SPECIAL DEDUCTIONS (XX)

NET TAXABLE ESTATE XX

RATE 6%

ESTATE TAX DUE XX

ESTATE TAX CREDIT (XX)

ESTATE TAX PAYABLE XX

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