Mr. Victor Reyes, a Filipino resident, died on June 15, 2018 after years of suffering from cancer. He left his two children, one illegitimate child, and his wife whom he married twenty years ago. The following are his properties and (corresponding values) at the time of his death:

House and lot (family home) 18,000,000

Bank savings deposit 5,426,000

Cars 7,907,000

Shares of stocks, san Miguel corporation 8,801,686

Patek Philippine wristwatch, bought out of exclusive money 1,697,000

Proceeds on life insurance policy Estate is a revocable beneficiary 875,095

Estate as irrevocable beneficiary 543,850

Children as irrevocable beneficiary 997,684

Spouse is the revocable beneficiary 467,680

Household furniture and appliances 3,000,000

Lot in Cavite, acquired before his marriage 2,000,000

Makati condo unit, acquired during marriage 8,000,000

Investments, Singapore 3,346,803

Notes receivable 795,305

Inheritance received by the spouse 2,580,087

4-door apartment, acquired by donation on September 2016 4,000,000

Rentals on the above parcel of land 155,608

A parcel of land donated by a friend who died on January 2015, Mortgaged assumed, P1 million 3,468,034

year prior to his death, Mr. Reyes transferred his shares of stocks in Jollibee Foods Corp., worth P10 million, to his two children. And a year before that, he sold his auto repair business, which has a fair market value of P6,248,000 to his brother for P2 million.

His funeral arrangments, including the memorial lot and tombstone, cost P1,894,240. While the medical expenses amounted to P9,493,000. The lawyers fees as well as related court and other professional fees, were at P2,568,146. The deceased also left indebtedness amounting to P3,435,000. Requirements: Compute for the (a) net taxable estate, (b) amount of inheritance of the two legitimate children, illegitimate child and surviving spouse. The estate tax rate is 6%.