Reference no: EM132886212
Question - A citizen and resident of the Philippines, married, died, leaving the following properties.
Real and personal properties acquired during the marriage P3,000,000
Land and building inherited from the father 1 ½ years ago (with a fair market value at that time of P1, 500, 000), and used at the time of his death as home for his family 2,000,000
Car, purchased with cash received as gift from the mother during the year 500,000
Cash (including P500, 000 received by inheritance from the father) 1,500,000
Claims against conjugal properties 600,000
Unpaid mortgage on the land and building inherited (from an original of P600,000 When inherited) 100,000
Required - Determine the vanishing deduction?