Kimberly E.

Borras
Business Taxation
Problem 1:

The administrator of a decedent’s estate (head of the family) provided

the following data:

Property

Domestic shares of 2,000 shares inherited 6 years ago P

8,000,000

House and lot, family home, located in Davao, inherited

2 years ago at a value of P 1,500,000

m
2,000,000

er as
co
eH w
Jewelry items in the Philippines at the time of death
400,000

o.
rs e
ou urc
Jewelry items kept in a vault abroad
200,000
o

Bank deposit in a Philippine branch of a US bank

aC s
vi y re

5,000,000

Interest from bank deposits after decedent’s death

ed d

25,000
ar stu

Expenses and other Charges

is

Funeral expenses abroad 80,000

Th

Funeral expenses Philippines 200,000

Judicial expenses abroad 100,000

sh

Judicial expenses Philippines 50,000

Claims against the estate with notarized debt instrument issued in the

This study source was downloaded by 100000808161738 from CourseHero.com on 09-14-2021 01:53:48 GMT -05:00

https://www.coursehero.com/file/69263869/Problem-1docx/
 Kimberly E. Borras
Business Taxation
Philippines
120,000

Donation to the Philippine government as provided in his wills

250,000

Required:

A. Determine the following if the decedent was a Filipino citizen but a

m
resident of Australia.

er as
co
eH w
1. Taxable Net Estate

o.
2. Estate Tax Due
rs e
ou urc
B. Determine the following if the decedent was not a Filipino citizen but a
resident of Davao City.
o
aC s

1. Taxable Net Estate

vi y re

2. Estate Tax Due

ed d
ar stu
is
Th
sh

This study source was downloaded by 100000808161738 from CourseHero.com on 09-14-2021 01:53:48 GMT -05:00

https://www.coursehero.com/file/69263869/Problem-1docx/
 Kimberly E. Borras
Business Taxation

Answers: A-1 Taxable Net Estate

Property

m
Domestic shares of 2,000 shares inherited 6 years ago P

er as
8,000,000

co
eH w
House and lot, family home, located in Davao, inherited

o.
rs e
ou urc
2 years ago at a value of P 1,500,000
2,000,000
o

Jewelry items in the Philippines at the time of death

aC s
vi y re

400,000

Jewelry items kept in a vault abroad

ed d

200,000
ar stu

Bank deposit in a Philippine branch of a US bank

5,000,000
is
Th

Interest from bank deposits after decedent’s death

25,000
sh

Donation to the Philippine government as provided in his wills

250,000

Gross Estate P
15,875,000

This study source was downloaded by 100000808161738 from CourseHero.com on 09-14-2021 01:53:48 GMT -05:00

https://www.coursehero.com/file/69263869/Problem-1docx/
 Kimberly E. Borras
Business Taxation
Expenses and other Charges

Funeral expenses abroad -

Funeral expenses Philippines -

Judicial expenses abroad -

Judicial expenses Philippines -

Claims against the estate with notarized debt instrument issued in the

Philippines
(120,000)

m
er as
Net Taxable Estate P

co
eH w
15,755,000

o.
rs e
ou urc
o
aC s
vi y re
ed d
ar stu
is
Th
sh

This study source was downloaded by 100000808161738 from CourseHero.com on 09-14-2021 01:53:48 GMT -05:00

https://www.coursehero.com/file/69263869/Problem-1docx/
Powered by TCPDF (www.tcpdf.org)