How much is the net taxable estate of Mrs. Park?

How much was the estate tax due?

Mrs. Park, a Korean resident and citizen died on June 5, 2021 leaving the following estate: Condominium unit in Mc West, Taguig City  P15,000,000 Vacation house in Rome  8,000,000 Family home in Je 22,000,000 Art painting gifted by his art collector friend in Paris dated Oct. 10, 2020   3,500,000

 

There are the deductions claimed by the heirs: Funeral expenses 750,000 Judicial expenses 550,000 Claims against the estate 500,000 Claims against a friend whose financially insolvent 1,500,000 Family home 2,500,000 Standard deductions 1,200,000 Losses on the Taguig property, on which P650,000 is insured 1,050,00

Answer rating: 100% (QA)

To calculate the net taxable estate of Mrs Park we need to subtract the allowable deductions from th... View the full answer