Reference no: EM132820183

Husband and Wife died in an accident. The husband died a few hours before the wife died. They left properties owned (community property) with a value of P24, 000, 000, property received as gift within a year by a husband (community property) with a fair market value of P4, 000, 000 when received, and with the same value the time of death, (with a mortgage of P2, 000, 000 when received, but paid by the time of death) and an obligation of the spouses of P2, 000, 000. The only remaining relative is the mother of the husband. In the properties of the spouses was a family home of P14, 000, 000.

Problem 1: How much were the estate taxes?