Scribd Logo
Upload

Welcome to Scribd!

  • 51 views

    Loss by Roberry 3 Months After Death Unpaid Income Tax For 2014 Legacy in Favor of Philippines National Red Cross Legacy To City of Makati

    Uploaded by

    Claire Barba
    The document provides details of an estate including gross assets of $4.2 million consisting of cash, investments, a car, and shares. Total expenses of $1.86 million including funeral costs, taxes, and legacies are listed. The net taxable estate is calculated at $2.76 million. Estate taxes due are determined to be $218,181.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content

    You might also like

    Loss by Roberry 3 Months After Death Unpaid Income Tax For 2014 Legacy in Favor of Philippines National Red Cross Legacy To City of Makati

    Uploaded by

    Claire Barba
    51 views7 pages
    The document provides details of an estate including gross assets of $4.2 million consisting of cash, investments, a car, and shares. Total expenses of $1.86 million including funeral costs, taxes, and legacies are listed. The net taxable estate is calculated at $2.76 million. Estate taxes due are determined to be $218,181.

    Original Description:

    Original Title

    ALAMAG-PROBLEM-2

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document provides details of an estate including gross assets of $4.2 million consisting of cash, investments, a car, and shares. Total expenses of $1.86 million including funeral costs, taxes, and legacies are listed. The net taxable estate is calculated at $2.76 million. Estate taxes due are determined to be $218,181.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    51 views7 pages

    Loss by Roberry 3 Months After Death Unpaid Income Tax For 2014 Legacy in Favor of Philippines National Red Cross Legacy To City of Makati

    Uploaded by

    Claire Barba
    The document provides details of an estate including gross assets of $4.2 million consisting of cash, investments, a car, and shares. Total expenses of $1.86 million including funeral costs, taxes, and legacies are listed. The net taxable estate is calculated at $2.76 million. Estate taxes due are determined to be $218,181.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 7

    1.

    QUESTION
    Gross estate
    Cash in bank, Makati City
    Investment in a Domestic Partnership
    Car
    Foreign shares, Japan-based company with 40% business in the Philippines
    Domestic shares
    Accounts Receivable from a debtor residing in Japan. Debtor is fully
    Total

    EXPENSES, CHARGES AND OBLIGATIONS:


    Funeral expenses:
    Actual
    5% gross estate ( P 4,200,000.00)
    Maximum
    Allowed
    Judicial expenses
    Claiming insolvent person
    Loss by roberry 3 months after death
    Unpaid income tax for 2014
    Legacy in favor of Philippines National Red Cross
    Legacy to City of Makati
    SPECIAL DEDUCTIONS:
    Standard Deductions

    NET TAXABLE ESTATE

    ESTATE TAX
    On P2,000,000
    340000 x 11%
    ₱ 2,340,000.00
    ₱ 1,200,000.00
    ₱ 1,000,000.00
    ₱ 700,000.00
    ₱ 700,000.00
    ₱ 500,000.00
    ₱ 100,000.00
    ₱ 4,200,000.00

    ₱ 150,000.00
    ₱ 210,000.00
    ₱ 200,000.00
    ₱ 150,000.00
    ₱ 100,000.00
    ₱ 100,000.00
    ₱ 200,000.00
    ₱ 160,000.00
    ₱ 50,000.00
    ₱ 100,000.00

    ₱ 1,000,000.00 ₱ 1,860,000.00

    ₱ 2,340,000.00

    ₱ 135,000.00
    ₱ 37,400.00
    ₱ 172,400.00
    Gross estate
    Cash in bank, Makati City
    Investment in a Domestic Partnership
    Car
    Domestic shares
    Total

    EXPENSES, CHARGES AND OBLIGATIONS:


    Funeral expenses:
    Actual
    5% gross estate ( P 4,200,000.00)
    Maximum
    Allowed
    Judicial expenses
    Loss by roberry 3 months after death
    Unpaid income tax for 2014

    3,400,000.00/4,200,000 * 610,000
    Legacy in favor of Philippines National Red Cross
    Legacy to City of Makati

    NET TAXABLE ESTATE

    ESTATE TAX
    On P2,000,000
    756,190.48 x 11%
    ₱ 2,765,190.48
    ₱ 1,200,000.00
    ₱ 1,000,000.00
    ₱ 700,000.00
    ₱ 500,000.00
    ₱ 3,400,000.00

    ₱ 150,000.00
    ₱ 170,000.00
    ₱ 200,000.00
    ₱ 150,000.00
    ₱ 100,000.00
    ₱ 200,000.00
    ₱ 160,000.00
    ₱ 610,000.00

    ₱ 493,809.52
    ₱ 50,000.00
    ₱ 100,000.00 ₱ 643,809.52

    ₱ 2,756,190.48

    ₱ 135,000.00
    ₱ 83,180.95
    ₱ 218,180.95 0R 218,181.00
    Gross estate
    Car

    Total

    EXPENSES, CHARGES AND OBLIGATIONS:


    Funeral expenses:
    Actual
    5% gross estate ( P 4,200,000.00)
    Maximum
    Allowed
    Judicial expenses
    Loss by roberry 3 months after death
    Unpaid income tax for 2014

    700,000.00/4,200,000 * 495,000
    Legacy in favor of Philippines National Red Cross
    Legacy to City of Makati

    NET TAXABLE ESTATE

    ESTATE TAX
    On P200,000
    267,500 x 5%
    ₱ 467,500.00
    ₱ 700,000.00

    ₱ 700,000.00

    ₱ 150,000.00
    ₱ 35,000.00
    ₱ 200,000.00
    ₱ 35,000.00
    ₱ 100,000.00
    ₱ 200,000.00
    ₱ 160,000.00
    ₱ 495,000.00

    ₱ 82,500.00
    ₱ 50,000.00
    ₱ 100,000.00 ₱ 232,500.00

    ₱ 467,500.00

    EXEMPT
    ₱ 13,375.00
    ₱ 13,375.00

    You might also like