Reference no: EM133113811

Question - BUSINESS TAX: ESTATE AND VAT - Hamelton, a VAT Taxpayer, had the following data during the quarter:

Export Sales, P3,000,000

Domestic Sales (VAT inclusive), P3,360,000

Purchases of goods for export, P1,500,000

Purchases of goods for domestic sales, VAT exclusive, P1,500,000

Purchases of supplies on domestic sales, VAT exclusive, P500,000

Input Tax attributable to export sales are being claimed as refund.

How much is the VAT Payable?

Harley, an unmarried head of the family, died on 1 February 2022.

He left 1,000 sqm parcel of land in BGC, Taguig, with the following valuations:

Fair Market Value as determined by the City Assessor, 25,000/sqm

Zonal Value as determined by the BIR, P18,000,000

Fair Market Value by independent appraisers, P30,000,000

Other information follows:

Personal properties, P25,000,000

Family home, P20,000,000

Funeral expenses, P2,000,000

Other deductions, P13,000,000

Medical expenses, P6,000,000

How much is the taxable net estate?