Problem $3-$ Gross estate, exclusions and exemptions

Ms$.$ Masaya, a resident of the Philippines, died on February $1,20$A$1.$ She left the following properties and rights:

The following are the additional information:

b$.$ The agricultural lot in Cebu was originally owned by Ms$.$ Maganda. When Ms$.$ Maganda died, she left the usufruct of the

said property to Ms$.$ Masaya while the naked title to Ms$.$ Matalino. The said lot was subjected to estate tax when Ms$.$

Maganda died.

c$.$ The agricultural lot in Negros Oriental was originally owned by Ms$.$ Matiwasay. When Ms$.$ Matiwasay died, she left the

property to Ms$.$ Masaya with a condition that if Ms$.$ Malaki gets married, Ms$.$ Masaya must give the property to Ms$.$

Malaki. Estate tax was paid when Ms$.$ Matiwasay died.

d$.$ The agricultural lot in Negros Occidental was inherited by Ms$.$ Maganda from her mother. However, Ms$.$ Maganda will own

the property for five years with the obligation to preserve said property. After five years, $60\%$ must be given to Ms$.$

Masaya's daughter while Ms$.$ Masaya will retain the remaining $40\%.$ Estate tax was paid when Ms$.$ Maganda inherited the

property four years ago.

e$.$ The agricultural lot in Samar was purchased five years ago for donation to the local government unit as provided in the

last will and testament.

f$.$ The accounts receivables pertain to receivables from Ms$.$ Masaya's friends. One of them was insolvent. Receivable from

said person amounted to $P50,000.$

Required: Determine the gross estate of Ms$.$ Masaya.