Mr. Joe Alwyn, resident decedent, single, died on January 18,2018 left the following properties: Car Manila (inherited
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Question:
Mr. Joe Alwyn, resident decedent, single, died on January 18,2018 left the following properties:
Car Manila (inherited 4 years before he died, FMV, date of inheritance was P1,700,000) | P1,500,000 |
Car, USA 2,600,000 Shares of stock, USA | 900,000 |
Shares of Stock, Manila | 800,000 |
House and lot, USA | 4,800,000 |
Bank Deposit, PNB-Manila | 4,500,000 |
Other Tangible personal properties, Manila | 500,000 |
The administrator claimed the following deductions: | |
Actual Funeral expenses | 40,000 |
Judicial expenses | 30,000 |
Loss of certain tangible personal properties | 25,000 |
Claims against the estate | 20,000 |
Unpaid taxes, accrued before death | 15,000 |
Claims against insolvent person | 10,000 |
Transfer for public use | 10,000 |
Medical expenses | 50,000 |
Compute the following using BIR Form No. 1801:
a. (Gross Estate)
b. (Ordinary deductions)
c. (Total Special deductions)
d. (Net Taxable estate)
e. (Estate tax due)
Additional Information:
a. The administrator is Ms. Gigi Hadid with Registered and Residence Address at Block 39 Pahse 3, Dagat-dagatan, Manila
b. The administrator's TIN is 143 456 789 000
c. The estate's TIN is 313 056 921 000
d. RDO No.32
e. Residence of decedent is: 143 R. Papa, Sampaloc, Manila
f. Zip Code 1008
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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