Vlad died on October 20, 2018. During his lifetime, upon knowing that he had Stage 4 cancer, sold his Lamborghini car to his son for P4,000,000. The fair market value of the car at the time of sale is P3,000,000 while it is already valued at P5,000,000 at the time of death.

a. The amount that will be added to the gross estate is____________

b. Based on the preceding number, if the consideration is fictitious, how much will form part of the gross estate? _________________

Answer rating: 100% (QA)

A Amount to be added to the estate is the amount paod for the purchase of ... View the full answer