Mr. Sheridan, bachelor and resident citizen, died leaving the following property:

House and lot in San Francisco del Monte Quezon City (Family Home) P3,000,000

Honda Civic car 650,000

Farm in Camiling, Tarlac 500,000

Bank deposit at Solid Bank in Pasay City 1,500,000

The following are being claimed by his executor as deductions:

Actual funeral expenses 250,000

Judicial expenses 30,000

Medical expenses incurred 2 months before death 150,000

Family Home 3,000,000

1. How much ordinary deductions can be claimed under TRAIN LAW?

a. P-0- 

b. 312,500 

c. 200,000 

d. 230,000

 

2. How much special deductions can be claimed under TRAIN LAW based on the given data?

a. 2,150,000 

b. 3,000,000 

c. 8,000,000 

d. 3,150,000

 

3. How much is the gross estate?

a. 3,650,000 

b. 2,650,000 

c. 5,650,000 

d. 4,050,000

 

4. How much is the estate tax due?

a. 108,600 

b. 274,700 

c. 3,500 

d. P-0-

 

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