PROBLEM 1

Mr. D, a resident and citizen of the Philippines, single, a head of family, died having the following properties and charges:

Land in Dumaguete City 10,000,000

Motorcycle 200,000

Land and Building (Family Home) 15,000,000

Personal Properties 1,500,000

Claims Against the Estate 400,000

The Land and Motorcycle were inherited from the father two years before, with the following data:

LAND MOTORCYCLE

Fair Market Value When Inherited 8,000,000 250,000

Payment of Mortgage in Full 500,000 25,000

COMPUTE FOR THE ESTATE TAX OF MR. D

Hello tutors, kindly answer the problem above, I prefer tutors from the Philippines who have knowledge about taxation, it will be a win-win situation for the both of us if you'll help me answer this problem since I will surely rate you helpful and I hope it will help you make your day.