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1 Estate Tax Problems

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Aslima Radiamoda
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10 views3 pages

1 Estate Tax Problems

Uploaded by

Aslima Radiamoda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Estate Tax Problems:

1. Pedro dies on March 1, 2019 leaving a parcel of land. The following data were available in connection with the property:

Assessed valued, six (6) months before death P 2, 500,000


Fair market value at the time of filing estate tax return on Feb. 28, 2020 3, 000,000
Zonal value, March 1, 2019 2, 000,000
What would be the value of the piece of land in the gross estate? ___________________________________

2. Juan died on Feb. 1 2019 leaving a 1000 sq. meter of parcel of land in Sampaloc, Manila with the following valuations:
Assessed valued as determined by the City Assessors P 25,000 / sq. m
Zonal value as determined by the CIR 18,000,000
Fair market value as determined by independent appraisers 28, 000,000
What would be the value of the piece of land in the gross estate? _________________________________

3. A decedent left 10,000 PLDT shares. The shares were traded in the local stock exchange. At the time of death, the following were available:
Fair market value P400 per share
Mean between the highest and the lowest quotations P500 per share
Book value P350 per share
What was the value included in the decedent’s gross estate? _____________________

4. Ana, Filipina, died in Syria leaving the following properties:


House and lot in Syria P 1, 000,000
Vacant lot in Manila 2,000,000
Shares of stock in a domestic corp., 60% of the business is
Located in the Philippines 100,000
Shares of stock in a foreign corp., 70 % of the business is
Located in the Philippines 200,000
Car in Manila 500,000
How much is the gross estate? ____________________________

Based on the preceding number, but assuming Ana is a non- resident alien, the gross estate is: _______________________

Continuing the preceding number and the rule of reciprocity applies, the gross estate is: __________________________

5. Following are properties in the gross estate with their fair market value:
House and lot, family home in Quezon City P1, 500,000
Deposit in the foreign branch of a domestic bank 500,000
Shares of stock issued by a domestic corp., certificate kept in US 1, 000,000
Pieces of Jewelry 800,000
Receivable, debtor in Cebu 200,000

If decedent was non- resident alien and there is reciprocity , property excluded from gross estate is valued at __________________________?

6. On belief that Pedro is about to die, he sold to his daughter a parcel of land valued at P3,000,000 for the same amount. One year later, Pedro died of a car
accident. At the time, the property had already a value of P3, 500,000. For Philippine estate tax purposes, the amount includible in the gross estate is
_______________________________

7. Pedro, decedent, owns a property valued at P1, 500,000 at the time of his death. The said property was sold by Pedro during his lifetime to Juan for P700,000
when its value was P 1, 200,000. It was agreed by Pedro and Juan that the former will enjoy the income of the property as long as he lives. For Philippine Estate
Tax purposes, how much will be included in determining gross estate? ________________________

Based on the preceding number , if the fair market value of the property at the time of death was only P600,000, how much will form part of gross estate?
_________________________

8. Mr. J Chavez died leaving the following properties:


Rest house in Cebu, acquired before marriage 6,000,000
Income from rest house in Cebu 600,000
Condominium in Davao, brought to marriage by wife 3, 600,000
Income from condominium in Davao 360,000
Town house in Quezon City, acquired during marriage 10, 500,000
Income from town house in Quezon City 1, 050, 000
Car, inherited by wife during marriage (the decedent provided in his will that
It shall form part of the common properties of the spouses) 1, 300,000
Jewelry, acquired during marriage for exclusive use of the wife 200,000

How much is the conjugal properties under Conjugal Partnership of Gains? ____________________________

How much is the gross estate under Conjugal Partnership of Gains? ___________________________

How much is the community properties under Absolute Community of Property? ____________________

How much is the gross estate under Absolute Community of Properties? ______________________
9. Mr. Pim Manaw , resident decedent , married, died, leaving the following properties:
Real and personal properties acquired during the marriage P 3, 000,000
House and lot inherited from his father one year and 3 months before he
Died ( fair market value when inherited , P1 , 500,000) used as the decedent’s
family home. 2,000,000
car purchased with cash received as gift from his mother during the year he died 500,000
cash (inclusive of P500,000 received as inheritance from the father) 1, 500,000

the following obligations and expenses were also made available:


claims against conjugal properties 600,000
unpaid mortgage on the inherited house and lot 100,000
(original mortgage was for P600,000 )

How much is the total vanishing deduction? ________________________

10. Teh Pok died on November 20, 2018. Some of the properties he left are the following:

market value
assets mode of acquisition date acquired date of acquired date of death

land Purchase 7 – 3- 2014 500,000 350,000


car donation 10 – 2 – 17 800,000 980,000

other information:
a. The gross estate of the decedent amounts to P3, 000,000
b. The car was mortgaged for P50,000 when it was acquired and Teh Pok paid the same before he died.
c. The allowable deductions totaled P325, 000, which includes judicial expenses of P30,000 and funeral expenses of P150,000
The vanishing deduction is ____________________________________

11. a decedent died on Nov. 1, 2019 leaving a family home composed of the following: conjugal house worth P8,000,000, and the land which he exclusively
owned valued at P4, 000,000. He also owns a vacation house in Baguio worth P7,000,000. The deductible amount of family home is:
______________________

Based on the preceding number, if the house is also exclusive property, how much is the deductible family home allowance? _________________________

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