QUIZ- ESTATE TAX Mr. Dedz Na, single, died on July 1, 2018 leaving the following properties and liabilities: PROPERTIES: Bank deposit at China Bank, Ayala Ave., Makati City 5,000.000 House & lot in Thailand 3,000,000 Building & land on which it stands in Pasay City 10,000,000 Trees, plants, growing fruits & land on which they are planted in Baguio City 500,000 Car in the Philippines 700,000 Appliances in house & lot in the Philippines 200.000 Appliances in house & lot in Thailand 400,000 Jewelry in the Philippines 1.200,000 Jewelry in Thailand 500,000 Bank deposit in Zurich, Switzerland 15,000,000 House & lot in the Philippines (Family Home) 11,250,000 Interest in an industry established in Brisbane, Australia 2.000,000 Notes receivable, debtor residing in the Philippines 1,150,000 Accounts receivable. debtor residing in Switzerland 175,000 Fish pond in Laguna 200.000 Copyright exercised in the Philippines 300,000 Van in Malaysia 800,000 Trademark used in Malaysia 400,000 Obligations issued by foreign corporation with no business situs in the Philippines 750.000 Franchise used in the Philippines 700,000 Shell Corporation certificate of stocks kept in a safe in Thailand 450,000 Globe Telecom certificate of stocks kept in the Philippines 550,000 Treasury bonds issued by Bangko Sentral ng Pilipinas (BSP) 850,000 Patent exercised in China 600,000 Foreign shares, 80% of the business is in the Philippines 900.000 Foreign bonds with business situs in the Philippines 650,000 Business right in a corporation established in Macau. China 1.500,000 Investment in a partnership established in the Philippines 2.250,000 Foreign shares. 90% of the business is in the Philippines 1.750.000LIABILITIES AND CLAIMS: 1. Mr. Dedz Na obtained a loan of P5,000.000 from Ms. Hay Pa. After 4 years. Mr. Dedz Na died leaving the loan unsettled. The debt instrument was duly notarized. 2. The debtor of the Notes Receivable amounting to P1.150,000, Mr. Ut Ang. has been declared insolvent. His assets are worth P15,000,000 while his liabilities are P30,000,900. 3. The building and land on Pasay, with a fair market value of P10,000,000, is under a mortgage loan of P5,000.000. He died having paid only 25% of the note. 4. P500.000 income tax for the calendar year 2017 was not yet paid by Mr. Dedz Na. 5. 8 months after the death of Mr. Dedz Na, his jewelry located in the Philippines has been robbed. The fair market value of the jewelry was not compensated by insurance. 6. According to Mr. Dedz Na's will, the trees, plants, growing fruits & land will be transferred to the local government of Baguio City