UNDER TRAIN LAW

1.USE THE FOLLOWING DATA FOR THE NEXT THREE QUESTIONS:

From the records of the estate of a decedent who was a citizen:

Properties - Land; inherited from the mother 2 years before death, during marriage (valued of Php 1,500,000 when inherited)Php 2,400,000

Other personal property owned before marriagePhp 1,600,000

Other personal property acquired during marriagePhp 500,000

Cost and expenses:

Claim against the estatePhp 200,000

Medical expenses incurred within one year before deathPhp 700,000

LossesPhp 100,000

The amount of exclusive property under absolute community of property should be:

a.1,540,000

b.3,080,000

c.4,500,000

d.0

The share of the surviving spouse under the system of conjugal partnership gains should be:

a.1,540,000

b.3,080,000

c.4,500,000

d.0

The share of the surviving spouse under conjugal partnership gains should be:

a.100,000

b.200,000

c.900,000

d.1,800,000

1.A married, nonresident citizen died during the effectivity of TRAIN law. The following are the common properties, obligations, and expenses.

Real property, PhilippinesPhp 7,000,000

Real property, USAPhp 5,000,000

Funeral expensesPhp 300,000

Judicial expensePhp 200,000

Claim against insolvent personsPhp 50,000

Unpaid taxesPhp 50,000

Medical expensePhp 650,000

Additional information:

The real property in the Philippines includes the family home valued at Php 1,500,000

Judicial expenses include Php 50,000 incurred to settle conflicting claims of the heirs.

How much is the taxable net estate?

a.225,000

b.250,000

c.2,025,000

d.2,050,000