Problem $2-$ Gross estate, various properties, transfers in contemplation of death, life insurance, other transfers

Mr$.$ Segundo, widower, died on October $15,20$A$1$ with the following properties, rights and claims at the time of her death:

Real property in Bohol, fair market value

House in Quezon City, used as residence $($mortgaged to Masaya Banking

Corporation for P$3,500,000),$ fair market value

House and lot in Krabi, Thailand, used as vacation house

$($mortgaged to Sawadee Banking Corporation, Thai bank, for

P$12,000,000)$

Furniture and fixtures in residential house

Transfers in contemplation of death:

Sale of real properties in the Philippines

Consideration received

Fair market value at the time of transfer

Fair market value at the time of death

Donation of real properties in Bangkok, Thailand

Fair market value at the time of transfer

Fair market value at the time of death

Sale of personal properties in the Philippines but outside the Philippines

at the time of death

Consideration received

Fair market value at the time of transfer

Fair market value at the time of death

Sale of personal properties outside the Philippines but within the

Philippines at the time of death

Consideration received

Fair market value at the time of transfer

Fair market value at the time of death

Sale of personal properties in the Philippines and within the Philippines at

the time death

Consideration received

Fair market value at the time of transfer

Fair market value at the time of death

Insurance proceeds receivables

Life insurance policies taken out by Mr$.$ Segundo on his own life

Policy $1000$: Beneficiary was his estate, with power of revocation not

exercised before his death

Policy $3000$: Beneficiary was his son, with power to change the

beneficiary

Policy $5000$: Beneficiary was his son, with irrevocable designation of

beneficiary

Group life insurance taken out by the employer with estate of decedent

as revocable beneficiary

Accident insurance for injury sustained while still alive

Property insurance

Accounts receivables

Ms$.$ Masaya against whom insolvency proceedings is pending in court.

Ratio of properties to her liabilities is $1$:$2.$

Mr$.$ Maputi, a Korean residing in Japan with obligation maturing on

December $20$A$1$

Mr$.$ Matangkad, a Korean in South Korea, admittedly insolvent

Shares of stock:

Domestic corporation, certificates deposited in Thai Bank, fair

Foreign corporation, certificates deposited in Thai Bank, fair

P $60,000,000$

$10,000,000$

$20,000,000$

$680,000$

$2,000,00019,900,00020,800,000$

$9,000,000$

$9,400,000$

$100,0001,400,0001,100,000$

$200,000400,0001,000,000$

$900,000900,0001,500,000$

$1,500,000$

$1,000,000$

$2,000,000$

$500,000$

$100,000$

$200,000$

$500,000$

$1,000,000$

$1,500,000$

market value $,500,000$

market value $200,000$

Required:

Determine the gross estate of Mr$.$ Segundo if at the time of his death, he was a citizen of the Philippines.

Determine the gross estate of Mr$.$ Segundo if at the time of his death, he was neither a citizen nor a resident of the

Philippines.

Determine the gross estate of Mr$.$ Segundo if at the time of his death, he was neither a citizen nor a resident of the

Philippines. Assume that the country where Mr$.$ Segundo resides provides tax exemption from donor's tax and estate tax

to Filipinos on transfers of intangible properties.