A decedent died leaving the following properties. Determine the Philippine gross estate:

Resident NRA-No reciprocity NRA-with reciprocity

House and lot, USA, FMV, time of death P1M; cost, P1.5M

Condominium unit, Philippines, FMV, time of death, P1.5M; assessed value, time of death, P2M

Furniture and appliances, Phil., FMV time of death, P500K

Car, USA, purchase price, P800K; FMV, time of death, P700K

Bonds, Phil., sold for P300K; FMV date of sale, P250K; FMV, date of death, P350K

Common shares, Phil. Corporation, cost, P300K; book value time of death, P300K

Preferred shares of stock, Foreign Corporation (85% of the business is in the Philippines),

par value time of death, P350K; book value time of death 500,000

Proceeds of life insurance, Philippines P800,000 (administrator of the estate is irrevocable beneficiary)

TOTAL

A decedent died leaving the properties. Determine the Philippine gross est Decedent Reciprocity Reciprocity louse and lot, USA,FMV.time of death 21,000.000.cost.P1.500.000 dominium unit. Philippines, zonal value, time of death.P2.000,000: cost. P2.500,000 Furniture and appliances. Philippines: FMV time of zath. P500.000 Car. USA, recently purchased, purchase price.P800,000 Bonds, Philippines sold for P300,000, FMV, date of sale. P250,000 FMV. date of death, P350,000 exchange. Philippine Corporation, cost. P350.000: book value. time of death, P300,000 the business stock foreign corpors the business in the Philippines, par value. time of of the estate is irrevocable beneficiary). P800,000 The decedent was married at the time of death. He was survived by his wife and children. Determine the taxable gross estate. FMV. time Exel Co USIN COC WARNED COACH CPC main owned by the decedent before marriage S.cool- the marriage onal property received by the wife as gift 400,000 Property acquired by decedent with cash 600,000 owned before the marriage Clothes of the decedent purchased with the 500.000 exclusive money of the wife Jewelry purchased with cash of the surviving 1,000.000 spouse Property unidentified when and by whom 1.200.000