Reference no: EM132870460
Question - 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
Required -
1: How much is the vanishing deduction on the land and building?
2: How much is the vanishing deduction on the motorbike?
3: How much is the next taxable estate?
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