Reference no: EM132637778
Question - Taxation in Philippines
Donya Marichuchu, a Filipino citizen, died on November 1, 2005. She got married eight years ago before her death. She left the following properties to his husband Don Harrot and two legitimate children:
Residential house-Family Home -Conjugal P 3,500,000
Apartment brought into marriage 10,000,000
Rental income apartment 3,000,000
Bank deposit-BPI Conjugal 5,000,000
Fish pond inherited by Donya 6 years ago 800,000
Family car-Conjugal 550,000
Other personal properties-Conjugal 1,000,000
Deductions claimed:
Funeral expense actual with receipts 350,000
Judicial expense actual with receipts 600,000
Claims against the estate, 200k no documents but heirs willing to pay to maintain reputation of Donya 800,000
Claims against insolvent persons 100,000
Transfer for public use fish pond 200,000
Unpaid mortgage- fish pond 300,000
Medical expenses actual with ORs 6mos prior to death 800,000
Required -
1. Compute the total gross estate.
2. Compute the exclusive and conjugal gross estate.
3. Compute the exclusive and conjugal deductions.
4. Compute the share of surviving spouse.
5. Compute the estate tax due for exam purpose the estate tax rate at 15%.
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