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I. A decedent died leaving the properties. Determine the Philippine gross estate. Resident NRA-No NRA- Decedent Reciprocity Reciprocity House and lot,USA,FMV,time of death P1,000,000,cost, P1,500,000
I. A decedent died leaving the properties. Determine the Philippine gross estate. Resident NRA-No NRA- Decedent Reciprocity Reciprocity House and lot,USA,FMV,time of death P1,000,000,cost, P1,500,000 Condominium unit, Philippines, zonal value, time of death, P1,500,000; value per tax declaration, time of death,P2,000,000; cost,P2.500,000 Furniture and appliances, Philippines; FMV time of death, 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 Common shares of stock not traded in the local stock exchange, Philippine Corporation, cost, P350,000; book value, time of death, P300,000 Preferred shares of stock, foreign corporation, 85% of the business in the Philippines, par value, time of death,P500,000; book value,time of death, P600,000 Proceeds of life insurance, Philippines (administrator of the estate is irrevocable beneficiary), P800,000
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