I. Mr. P, a Filipino citizen, a widower with 2 children, died while having a vacation on May 2008 in New York City, leaving the following properties:
1. Apartment in New York P 1,500,000
2. House and Lot in San Francisco 2,000,000
3. House and Lot in Dumaguete City 2,000,000
4. Cash in BDO (current account) 500,000
5. Claims against insolvent person 100,000
6. Retirement benefits received by his heirs
From Mr. P’s employer under RA. 4917 700,000
7. ABS-CBN Shares of stocks 500,000
8. Car in Dumaguete City 200,000
9. Proceeds of Life Insurance where Mr. P
Named his friend Mario, as an irrevocable
Beneficiary 300,000
10. Benefits received from SSS by reason of
Mr. P’s death 500,000
=======
TOTAL 8,300,000
Deductions claimed
1. Funeral expenses P 300,000
2. Medical Expenses 650,000
3. Judicial Expenses 100,000
4. Claims against Estate 300,000
5. Claims against insolvent persons 100,000
6. Family Home 1,000,000
7. Benefits received from Mr.P’s employer 700,000
8. Losses from fire that occurred in the house
In Dumaguete City 150,000
=======
TOTAL P 3,300,000
Compute the Net Estate and the estate tax due and payable.
ANSWER :
TAKE NOTE ITEM NO. 9 IS NOT INCLUDED AS IT IS AN EXCLUSION AND ITEM NO. 10, IS AN EXEMPTION THEREFORE NOT INCLUDIBLE IN THE GROSS ESTATE OF THE DECEDENT.
1. Apartment in New York P 1,500,000
2. House and Lot in San Francisco 2,000,000
3. House and Lot in Dumaguete City 2,000,000
4. Cash in BDO (current account) 500,000
5. Claims against insolvent person 100,000
6. Retirement benefits received by his heirs
From Mr. P’s employer under RA. 4917 700,000
7. ABS-CBN Shares of stocks 500,000
8. Car in Dumaguete City 200,000
=======
TOTAL 7,500,000
Deductions claimed
1. Funeral expenses P 200,000
2. Medical Expenses 500,000
3. Judicial Expenses 100,000
4. Claims against Estate 300,000
5. Claims against insolvent persons 100,000
6. Family Home 1,000,000
7. Benefits received from Mr.P’s employer 700,000
8. Losses from fire that occurred in the house
In Dumaguete City 150,000
=======
TOTAL P 3,050,000
GROSS ESTATE 7,500,000
LESS DEDUCTIONS 3,050,000
=============
NET ESTATE 4,450,000
ESTATE TAX COMPUTATION: (SEC. 84. NIRC)
TAXABLE ESTATE: 4,450,000
2,000,000 135,000
2,450,000 X 11% 269,500
=========
ESTATE TAX DUE 404,500
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