I. Mr.P, a Filipino citizen, died in Cebu City on March 2009, leaving the following properties:
1. Household furnitures and appliances P 150,000
2. Cash in BPI (Savings Account) 75,000
3. Proceeds of life insurance wherein Mrs.X
designated her brother as her revocable
beneficiary 250,000
4. Claims against insolvent persons 30,000
5. Benefits received from her heirs from
GSIS by reason of Mrs. X’s death 100,000
6. Van, being used by Mrs. X’s brother but
Registered under her name 200,000
7. Proceeds of GSIS life insurance 100,000
==========
TOTAL P 905,000
Deductions claimed
1. Funeral Expenses P 100,000
2. Medical expenses 150,000
3. Judicial expenses 20,000
4. Claims against insolvent persons 30,000
==========
TOTAL P 300,000
Compute the net estate and the estate tax due and payable.
ANSWER:
Item no. 5 and item no 7 is not included as they are exemptions under special laws.
Gross Estate:
1. Household furnitures and appliances P 150,000
2. Cash in BPI (Savings Account) 75,000
3. Proceeds of life insurance wherein Mrs.X
designated her brother as her revocable
beneficiary 250,000
4. Claims against insolvent persons 30,000
5. Van, being used by Mrs. X’s brother but
Registered under her name 200,000
==========
TOTAL P 705,000
Deductions
1. Funeral Expenses P 35,250
2. Medical expenses 150,000
3. Judicial expenses 20,000
4. Claims against insolvent persons 30,000
==========
TOTAL P 235,250
Funeral Expenses:
P 705,000 X 5%= P35,250
Gross Estate: 705,000
Less Deductions 235,250
======
Net Estate 469,750
ESTATE TAX COMPUTATION: (SEC. 84. NIRC)
TAXABLE ESTATE: 469,750
200,000 0
269,750 X 5% 13,487.50
=========
ESTATE TAX DUE: 13,487.50
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