Reference no: EM132654616

Mr. Namah Thay died leaving the following properties:

Cash proceeds of life insurance designated to a brother a as revocable beneficiary, P1,000,000

Building, properties held as usufructuary, 4,000,000

Cash and cars, earned from building. 2,400,000

Agricultural land, 3,000,000

House and lot, from Nama's industry. 7,000,000

Benefits from GSIS, 500,000

Total properties, P17,900,000

Additional information:

A The agricultural land was designated by Namah's father in his will to be transferred to Puma Thay, Namah's son, upon Namah's death.

B. Namah made a revocable donation involving a residential lot to his sister Kheena. Ms. Kheena Thay paid P400,000 when the lot was worth P1,000,000. The lot was currently valued a P2,000,000 zonal value upon Namah's death.

Problem 1. What amount should be included in Mr. Namah Thay's gross estate assuming that:

1A. Namah is an alien living in Tagaytay

1B. Namah is an alien living abroad