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How much is the vanishing deduction on the motorbike

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Reference no: EM132820849

Mr. A, a citizen and resident of the Philippines, died leaving the following properties:

Real and personal properties - P3, 000, 000

Land and Building inherited from the father 1 ½ years ago (with a fair market value at that time inherited, of P1, 500, 000) - P2, 000, 000

Motorbike, purchased with cash of P600, 000 received as gift from the mother during the year - 500, 000

Cash (including P500, 000 received by inheritance from the father) - P1, 500, 000

Claims against the estate - 600, 000

Unpaid mortgage on the land and building inherited (from an original of P600, 000 when inherited) - 100, 000

Problem 1: How much is the vanishing deduction on the land and building?

Problem 2: How much is the vanishing deduction on the motorbike?

Problem 3: How much is the next taxable estate?

Reference no: EM132820849

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