mine the Gross Estate if the Decedent is a. Citizen b. Resident Alien ________________ c. Non Resident Alien with reciprocity
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A decedent died leaving the following property:
| Philippines | USA | |
| Real Property | 5,000,000.00 | 3,000,000.00 |
| Tangible personal property | 3,000,000.00 | 800,000.00 |
| Intangible personal property | 1,800,000.00 | 1,800,000.00 |
Determine the Gross Estate if the Decedent is
a. Citizen
b. Resident Alien ________________
c. Non Resident Alien with reciprocity
Step by step
Solved in 3 steps
- The following data pertain to the death of a resident alien: Property acquired by decedent prior to marriage Property acquired by surviving spouse prior to marriage Property inherited by decedent during marriage Property inherited by the surviving spouse during marriage Property acquired through labor during marriage Income derived from property inherited by the surviving spouse During marriage inclusive of income tax of 50,000 Time deposit (excluding interest before death, 90,000 and interest 600,000 700,000 800,000 900,000 1,000,000 450,000 After death, 60,000) 850,000 Required: Determine the gross estate under the following property relationships: 1. Conjugal partnership of gains regime: 2. Absolute community of property regime:Mr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.Problem 2 A nonresident alien, married, died on September 2018. He left the following: Conjugal properties, Philippines, 5,000,000 Exclusive properties, Philippines, 2,000,000 Conjugal properties, USA, 10,000,000 Exclusive properties, USA, 5,000,000 The following deductions were claimed: Actual funeral expenses, 1,250,000 Judicial expenses, 800,000 Claims against the estate, 1,725,000 Transfer for Public Use, 200,000 Medical expense, 875,000 Included in the Philippines gross estate (conjugal) were the following: Domestic shares, 500,000 Share in a partnership, 1,000,000 Other tangible personal properties, 3,500,000 The Philippine exclusive properties were all tangible personal properties. These included a car, which was inherited 3 ½ years before the present decedent’s death, and had a fair market value of 500,000. Required Determine the following: Exclusive Property of the Decedent Community Property Taxable Net Estate Estate Tax Due
- Angel, married resident alien, died on January 15, 2021. She left the following properties, expenses and obligations: Community properties, Philippines (including family home valued at P1,800,000) P8,000,000 Community properties, Abroad 2,000,000 Exclusive properties, Philippines 3,000,000 Claims against the estate (Common) 300,000 Devise to National Gov’t included in Common Properties 500,000 Legacy to Local Gov’t included in exclusive properties 700,000 Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax due and payableMr. Fabic a Filipino died in Canada leaving the following: Property Bank deposit Car Location Abroad Cost $1,000,000 650,000 Philippines Family home Philippines 2,800,000 Expenses: Funeral Judicial FMV at Death € 1,000,000 160,000 2,350,000 135,000 45,000 Medical 600,000 Required: Compute the total allowable deductions from the gross estate.The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in connection with the processing and payment of his estate tax: Philippines Canada Gross estate 5,000,000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 500,000 How much is the ESTATE TAX PAYABLE
- The executor of Niel, a Canadian in the Philippines, provided details of his properties in correction with the processing and payment of his estate tax: Philippines Canada Gross Estate 5,000,0000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 200,000 How much is the allowable Estate tax payable?A nonresident alien, married, died on September 2018. He left the following:Conjugal properties, Philippines, 5,000,000Exclusive properties, Philippines, 2,000,000Conjugal properties, USA, 10,000,000Exclusive properties, USA, 5,000,000The following deductions were claimed:Actual funeral expenses, 1,250,000Judicial expenses, 800,000Claims against the estate, 1,725,000Transfer for Public Use, 200,000Medical expense, 875,000Included in the Philippines gross estate (conjugal) were the following:Domestic shares, 500,000Share in a partnership, 1,000,000Other tangible personal properties, 3,500,000The Philippine exclusive properties were all tangible personal properties. These includeda car, which was inherited 3 1⁄2 years before the present decedent’s death, and had afair market value of 500,000.RequiredDetermine the following:1. Exclusive Property of the Decedent2. Community Property3. Taxable Net Estate4. Estate Tax DueAssuming Ana is a non-resident alien, the gross estate is: Ana, died in Syria leaving the following properties: P 1,000,000 2,000,000 100,000 House and lot in Syria Vacant lot in Manila Shares of stock in a foreign corp., 70% of the business is located in the Philippines Shares of stock in a domestic 200,000 corp., 60% of the business is located in the Philippines Car in Manila 500,000 P2,000,000 P2,500,000 P3,800,000 P2,600,000
- 49. A, Filipino, married, died on January 2018, leaving the following: a Family Home b. Cash and other properties c. Benefits under RA 4917 d. Ordinary deductions for expenses, losses and taxes (ELIT) P 1,800,000 2,500,000 1,000,000 700,000 Determine the net taxable estate of A.Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in connection with processing and payment of his estate tax: Philippines Canada Gross estate 5,000,000 10,000,000 Allowable Deductions 5,000,000 5,000,000 Net Estate 0 5,000,000 Estate tax Paid 500,000 How much is the Allowable Tax Credit?