Answer Chapter 15(Estate Tax Payable) Part 2 with solutions1.The following pertains to the estate of a citizen decedent:Separate properties of the decedent 12,400,000 Common Properties of the spouses 15,600,000 Possible deductions: Funeral Expenses 480,000 Judicial Expenses 220,000 Obligations(1/4 is separate property) 1,800,00 Family home- common property 15,000,000What is the taxable net estate? a.6,800,000 b. 6,575,000 c.6,550,000 d.4,300,0002.Compute the net distibutable estate a. 19,550,500 b. 19,030,500 c. 17,375,000 d. 16,980,5003. A single non-resident alien decedent died with the following gross estates and deductions: Tangible properties in the Philippines 4,500,000 Intangible properties in the Philippines 500,000 Tangible properties abroad 5,000,000 Total gross estate 10,000,000 Possible deductions Funeral espenses 200,000 Judicial Expenses 400,000 Medical Expenses 300,000 Obligations(20% Philippines) 500,000 Losses 260,000 Transfer for public use( property in the Philippines) 500,000Compute for the net taxable estate a. 4,120,000 b. 3,870,000 c. 3,640,000 d. 3,620,000 4. Assuming the reciprocity rule applies, Compute the net taxable estate. a.3,820,000 b.3,640,000 c. 3,140,000 d. 3,120,0005. The following data pertains to the estate of a married non-resident alien decedent:Philippine properties:Separate properties of the surviving spouse 30,000,000 Separate properties of the decedent 18,000,000 Common properties of the spouses 32,000,000 Total foreign properties, excluding 5,000,000 separate properties of the surviving spouse 50,000,000 Possible deductions: Funeral expenses 1,800,000 Judicial expenses 1,200,000 Obligations- common fund 9,000,000 Family home - common property 12,000,000 What is the taxable net estate? a. 31,750,000 b.31,250,000 c.26,250,000 d.25,250,0006. The following pertains to the properties of Mr.Servano at the point of his death: Cash 1,000,000 Investment in stocks 8,500,000 Car 2,000,000 Agricultural Land 15,000,000 Family home 13,000,000 Items of deduction: Funeral expenses (withdrawn from the bank account of Mr. Servano; subjected to 6% final tax) 400,000 Judicial expenses 200,000 Claim against the estate 2,000,000 Claim against insolvent person (uncollectible receivables) 500,000 Theft of cash (before Mr. Servano's death) 700,000 Continuation is in the picture

chapter 15 - Estate Tax Payable Mr. Servano is a bachelor who is supporting all his younger siblings Compute the net taxable estate. a. P 22,500,000 b. P 22,100,000 c. P 21,600,000 C. P 21.400,000 7. Mr. Mori, a resident Japanese citizen, had the following Gross estate Philippines. Japan P50,000,000 P30,000,000 P80,000,000 Total Ordinary deductions Family home, Philippines 16,000,000 12,000,000 8,000,000 28,000,000 8,000,000 Compute the net taxable estate in the Philippines. a. P 27,500,000 c. P 22,875,000 b. P 26,000,000 d. P 16,250,000 8. Compute the net taxable estate abroad. a. P 18,000,000 c. P 16,125,000 b. P 16,500,000 d. P 13,250,000 9. A single resident citizen died leaving the following estate and deductions: Philippines China Taiwan Total Family home P 1,300,000 P P P 1,300,000 Other properties 6.200 000 _3,000,000 4.500.000 13.700.000 Total estate P 7,500,000 P 3,000,000 P 4,500,000 P15,000,000 Loss P 300,000 P 150,000 P 100,000 P 550,000 Obligations 1,250.000 450,000 200.000 1900.000 Total P 1.550,000 P 600,000 P 300,000 P 2.450,000 Estate before Standard deduction P 5.950.000 P 2.400,000 P 4.200,000 P12.550.000 Philippines China Taiwan Total Estate tax paid P - P 100,000 P 160,000 P 260,000 Compute respectively the net taxable estate in the Philippines, China, and Taiwan. a. P 5,950,000; P 2,400,000; P 4,200,000 b. P 4,650,000; P 2,400,000; P 4,200,000 C. P 3,450,000; P 1,400,000; P 2,700,000 d. P 2,150,000; P 1,400,000; P 2,700,000 10. Compute the estate tax due and payable in the Philippines. c. P 131,000 a. P 207,000 d. P 129,000 b. P 193,000 595