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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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