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Problem 1 The administrator of a decedents estate (head of the family) provided the following data: Property Domestic shares of 2,000 shares inherited 6 years

Problem 1 The administrator of a decedents estate (head of the family) provided the following data: Property

Domestic shares of 2,000 shares inherited 6 years ago 8,000,000
House and lot, family home, located in Davao, inherited 2 years ago at a value of 1,500,000 2,000,000
Jewelry items in the Philippines at the time of death 400,000
Jewelry items kept in a vault abroad 200,000
Bank deposit in a Philippine branch of a US bank 5,000,000
Interest from bank deposits after decedents death 25,000

Expenses and other charges

Funeral expenses abroad 80,000
Funeral expenses Philippines 200,000
Judicial expenses abroad 100,000
Judicial expenses, Philippines 50,000
Claims against the estate with the notarized debt instrument issued in the Philippines 120,000
Donation to the Philippine government as provided in his will 250,000

Required A. Determine the following if the decedent was a Filipino citizen but a resident of Australia 1. Taxable Net Estate 2. Estate Tax Due B. Determine the following if the decedent was not a Filipino citizen but a resident of Davao City 1. Taxable Net Estate 2. Estate Tax Due

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