Mr. Arnold Reyes, Filipino citizen, married to Bettina, died on February 14, 2019, leaving the following properties:
Question:
Mr. Arnold Reyes, Filipino citizen, married to Bettina, died on February 14, 2019, leaving the following properties:
a. House and lot in Manila- exclusive Zonal Value- 5,000,000
Assessor’s Value- 4,400,000
Final galing both = pink
Unsure = grey
b. Real property in Q.C. acquired during
marriage- conjugal
Zonal Value- 1,500,000
Assessor’s Value- 2,000,000
c. Family home in Makati City acquired during marriage- conjugal
Zonal Value- 2,200,000
Assessor’s Value- 2,100,000
d. Car acquired during marriage- conjugal FMV- 1,400,000
e. Proceeds of life insurance where estate is beneficiary- conjugal 1,000,000
f. 1,000 shares of ABC Corporation (domestic, not traded in stock exchange)-exclusive
NAV/ share- 100
Book value/ share- 50
Deductions in claimed by the estate of Mr. Reyes:
Legacy given in favor of Philippine government 300,000
Claims against the estate 100,000
Funeral expenses 180,000
Judicial expenses 600,000
Mortgage attaching to house and lot in Manila 100,00
1.What is the total gross estate. ?
2.What is the total amouny of ordinary deduction?
3.What is share of surviving spouse in the estate?
4.What is the total net taxable estate?
5.What is the estate tax due?
