How to answer:

King, a Filipino, married to Risa in 2003, died on April 2016. The inventory of properties of the couple are as follows: a. Townhouse and lot in Manila acquired from conjugal funds of P 1,650,000 b. Farm lot in Laguna inherited by husband P 850,000 c. Land in Novaliches brought to the marriage by husband; P 450,000 d. Fishpond in Bulacan donated to wife in 2005; P 960,000 e. Time deposit in the name of husband and wife; P 120,000 f. Time deposit in the name of husband and his brother; P 65,000 g. Jewelry brought into marriage by wife; P 135,000 h. Proceeds of insurance, revocable, payable to wife; P 250,000 i. Proceeds of GSIS life insurance policy; P 150,000 j. Proceeds of private life insurance policy where the beneficiary is the sister and silent as to designation; P 300,000 k. Cash, representing rental income from fishpond in Bulacan; P 180,000 I. Employee benefits under RA 4917; P 500,000 Required: Compute the following: A. Under CPOG, determine the: a.1. Taxable gross estate of decedent and a.2. The exclusive property of wife. B. Under ACOP; determine the: b.1. Taxable gross estate of decedent and b.2. Exclusive property of wife. Answer Sheet: Taxable gross The exclusive estate of decedent property of wife CPOG ACOP