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Determine the net taxable estate and the estate tax due

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Reference no: EM133137148

Problem - Mr. Lago, Filipino, married, died on Nov. 30, 2020. The assets, charges and obligations of the spouses are shown below:

Communal Property

Investment in a Business Partnership

P2,000,000

Family Home (house and lot)

3,300,000

Fishpond

1,000,000

Personal Property

700,000

Exclusive Property

Ranch, inherited by Mr. Lago

5,200,000

Apartment, inherited by Mrs. Lago

500,000

Farm, Donated to Mrs. Lago by her parents

100,000

Charges and Obligations

Unpaid Mortgage on Fishpond

300,000

Claims Against the Estate

80,000

Unpaid Real Property Taxes due for the 2nd

and 3rd quarters of 2019 at P10,000 per

20,000

quarter

Unpaid Mortgage on Ranch

50,000

Fire Loss on Apartment. It occurred three

months after death of decedent

40,000

Required - Determine the net taxable estate and the estate tax due.

Reference no: EM133137148

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