taxation

4. An inventory of Mr. Pepe's properties was taken two years after his death. He had the following properties during the inventory taking: I Cash (20% from income of Mr Pepe's properties after death) P4,000,000 Car (bought for P2,000,000 one day before Pepe's death) 1,200,000 House and lot (FMV - P8,000,000 on Pepe's death) 10,000,000 Business interest (worth P6,000,000 on A's death) 7,000,000 The following expenses and losses were incurred by the estate Funeral expenses 800,000 Judicial expenses 400,000 Loss of pieces of jewelry (8 months after Pepe's death) 1,000,000 Obligations of Pepe paid using his estate 2,000,000 Compute for the gross estate of Pepe