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Piece of land and residential house (family home) P1,600,000 Agricultural land inherited from her father three and one-half years ago 420,000 Various real and
Piece of land and residential house (family home) P1,600,000 Agricultural land inherited from her father three and one-half years ago 420,000 Various real and personal properties 1,180,000 Obligations and charges on the properties were as follows: Medical expenses of last illness (two days before death) P 600,000 Funeral expenses 50,000 Judicial expenses of the settlement of the estate 100,000 Claims against the estate (other than unpaid mortgage) 230,000 Unpaid mortgage 20,000 The agricultural land was inherited with a fair market value of P370,000 at that time and an unpaid mortgage of P110,000. Miss Dolor paid P90,000 before she died. Required: Compute the following: 1. Gross estate 2. Allowed deductions from the gross estate 3. Taxable net estate and estate tax due
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