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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.
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- What is the gross estate of the decedent if he is a non-resident alien and there is reciprocity with Japan and France? A decedent left the following properties: Properties Amount in Php Bank deposit in Japan 80,000 Franchise in Japan 100,000 Land in France (with PhP1 million unpaid mortgage) Land in Benguet Province (acquisition cost) Other personal properties Receivables from debtor in Philippines 2,000,000 500,000 300,000 70,000 Receivables from debtor in Japan Shares of stocks of ABC, foreign corporation, 75% of the business in the Philippines Shares of stocks of PLDT, Philippines Zonal value of the land in Benguet 100,000 125,000 75,000 750,000 500,000 750,000 1,050,000The 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 PAYABLEInday is settling the estate of his Filipino husband Nicanor, who died intestatein the Netherlands where he works as an OFW. The following are thesummary of the details of Nicanor's properties in connection with theprocessing and payment of his estate tax: Philippines Brazil Netherlands Gross estate 5M 20M 15M Allowable 5M 10M 5M Deductions Net estate 0 10M 10M Estate tax paid 500k 1500000 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?Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands where he works as an OFW. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Philippines Brazil Netherlands Gross estate 5,000,000 20,000,000 15,000,000 Allowable Deductions 5,000,000 10,000,000 5,000,000 Net estate 0 10,000,000 10,000,000 Estate tax paid Php 500,000 1,500,000 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?
- Answer the ff. requirementsA decedent left the following properties: His heirs inquired you about estate tax matters. Land in Spain (with P1M unpaid mortgage) P2,000,000; Land in Batangas, Philippines 500,000; Franchise in Switzerland 100,000; Receivable from debtor in Philippines 70,000; Receivable from debtor in Switzerland 100,000; Bank deposits in Switzerland 80,000; Shares of stocks of ABS-CBN (listed), Philippines 75,000; Shares of stocks of RPH, foreign corporation 80% of the business in the Philippines 125,000; Other personal properties 300,000; Zonal value of the land in Batangas 750,000. i. If the decedent is a non-resident citizen, his gross estate is i. If the decedent is a non-resident alien without reciprocity, his gross estate is ii. If the decedent is a non-resident alien with reciprocity, his gross estate is iv. Assuming the ABs-CBN shares are not listed, and there are 1,000 shares at the time of death, ABC-CBN's outstanding shares were 10,000 shares. Its retained earnings were P2,000,000, par…Assuming 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
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