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1. Valuation of property. Ernesto Torres died on March 20, 2019 leaving to his heirs, a wife and two children, the following properties: a. Family home, bought by the spouses at a cost of P500,000, having an assessed value of P864,000 and fair market value of P4,800,000, b. Land, inherited by his wife, with a zonal value of P1,500,000 and a market value of P2,800,000. c. 20,000 common shares of Gold Mining Corporation, having a book value of P18 per share, purchased at P15 per share, and now selling for P20 per share at the stock market. d. A ricemill inherited by Ernesto from his father consisting of the machinery and the building worth P4,500,000 e. GSIS life insurance proceeds of P20,000. Torres had an outstanding obligation to the bank of P32,000. There is a P20,000 mortgage which came as part of the land inherited by his wife from her father. Both obligations had benefited the conjugal partnership of the spouses. The ricemill was mortgaged by Ernesto for P100,000. At the time of his death, there was an unpaid balance of P40,500. REQUIRED: Compute the net taxable estate. 2. Deductions. Wilson died in a car accident. He died intestate on October 10, 2019. Exclusive properties of the wife - Car P 1,400,000 Condo unit in Pasig City 2,000,000 Other real and personal properties 800,000 Conjugal properties - Cash on hand and in bank 500,000 Receivable as prize in a raffle contest sponsored by PICPA Receivable from an insurance company where his son, Gino was designated in the policy as the revocable beneficiary House and lot in Sta. Rosa, Laguna, used as family home Interest in a partnership Other real properties 50,000 500,000 4,900,000 4,000,000 1,500,000 1. Valuation of property. Ernesto Torres died on March 20, 2019 leaving to his heirs, a wife and two children, the following properties: a. Family home, bought by the spouses at a cost of P500,000, having an assessed value of P864,000 and fair market value of P4,800,000, b. Land, inherited by his wife, with a zonal value of P1,500,000 and a market value of P2,800,000. c. 20,000 common shares of Gold Mining Corporation, having a book value of P18 per share, purchased at P15 per share, and now selling for P20 per share at the stock market. d. A ricemill inherited by Ernesto from his father consisting of the machinery and the building worth P4,500,000 e. GSIS life insurance proceeds of P20,000. Torres had an outstanding obligation to the bank of P32,000. There is a P20,000 mortgage which came as part of the land inherited by his wife from her father. Both obligations had benefited the conjugal partnership of the spouses. The ricemill was mortgaged by Ernesto for P100,000. At the time of his death, there was an unpaid balance of P40,500. REQUIRED: Compute the net taxable estate. 2. Deductions. Wilson died in a car accident. He died intestate on October 10, 2019. Exclusive properties of the wife - Car P 1,400,000 Condo unit in Pasig City 2,000,000 Other real and personal properties 800,000 Conjugal properties - Cash on hand and in bank 500,000 Receivable as prize in a raffle contest sponsored by PICPA Receivable from an insurance company where his son, Gino was designated in the policy as the revocable beneficiary House and lot in Sta. Rosa, Laguna, used as family home Interest in a partnership Other real properties 50,000 500,000 4,900,000 4,000,000 1,500,000