After 10 years of marriage, Kino Lam died as a resident citizen of the Philippines. His...

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After 10 years of marriage, Kino Lam died as a resident citizen of the Philippines. His wife presented the following properties and deductions estate tax purposes: Properties 1. Residential house and lot (family home) 2. Jewelry acquired by the decedent before marriage Vacation house in Tagaytay transferred to daughter in contemplation of death 3. 4. Investment in bonds (foreign corporation) 5. Marketable securities (domestic corporation) 6. Farm, inherited from his father 3 years ago (value when inherited by the decedent, P2,500,000) 7. Income from farm 8. Commercial building inherited by wife during marriage 9. Rent income from commercial building 10. Property brought to marriage by his wife 11. Death benefits - R.A 4917 Deductions claimed: 1. Unpaid actual funeral expenses 2. Unpaid judicial expenses 3. Paid medical expenses 4. Unpaid mortgage on inherited farm (unpaid balance when inherited was P700,000) 5. Claims against common property 6. Claims against insolvent person 7. Donation to the National Government P 5,000,000 500,000 5,000,000 600,000 400,000 2,800,000 800,000 10,000,000 3,000,000 6,000,000 1,100,000 300,000 900,000 1,500,000 200,000 8,900,000 800,000 1,000,000 Assuming that the couple is under absolute community property relation. REQUIRED: Compute the following if the decedent died prior to 2018: 1. Exclusive gross estate of the decedent 2. Communal gross estate 3. Total gross estate 4. Ordinary deductions applicable to exclusive properties of decedent 5. Ordinary deductions applicable to communal gross estate 6. Share of surviving spouse 7. Net taxable estate. REQUIRED: Compute the following if the decedent died 2018 onwards: 1. Exclusive gross estate of the decedent 2. Communal gross estate After 10 years of marriage, Kino Lam died as a resident citizen of the Philippines. His wife presented the following properties and deductions estate tax purposes: Properties 1. Residential house and lot (family home) 2. Jewelry acquired by the decedent before marriage Vacation house in Tagaytay transferred to daughter in contemplation of death 3. 4. Investment in bonds (foreign corporation) 5. Marketable securities (domestic corporation) 6. Farm, inherited from his father 3 years ago (value when inherited by the decedent, P2,500,000) 7. Income from farm 8. Commercial building inherited by wife during marriage 9. Rent income from commercial building 10. Property brought to marriage by his wife 11. Death benefits - R.A 4917 Deductions claimed: 1. Unpaid actual funeral expenses 2. Unpaid judicial expenses 3. Paid medical expenses 4. Unpaid mortgage on inherited farm (unpaid balance when inherited was P700,000) 5. Claims against common property 6. Claims against insolvent person 7. Donation to the National Government P 5,000,000 500,000 5,000,000 600,000 400,000 2,800,000 800,000 10,000,000 3,000,000 6,000,000 1,100,000 300,000 900,000 1,500,000 200,000 8,900,000 800,000 1,000,000 Assuming that the couple is under absolute community property relation. REQUIRED: Compute the following if the decedent died prior to 2018: 1. Exclusive gross estate of the decedent 2. Communal gross estate 3. Total gross estate 4. Ordinary deductions applicable to exclusive properties of decedent 5. Ordinary deductions applicable to communal gross estate 6. Share of surviving spouse 7. Net taxable estate. REQUIRED: Compute the following if the decedent died 2018 onwards: 1. Exclusive gross estate of the decedent 2. Communal gross estate

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Estate Tax Computations for Kino Lam Assuming Absolute Community Property Assumptions Couple is under absolute community property relation Decedent di... View the full answer