Mr. Tristan Dizon, a citizen of the Philippines and a resident of Manila, died on February 11,
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Mr. Tristan Dizon, a citizen of the Philippines and a resident of Manila, died on February 11, 2018, survived by his spouse, leaving exclusive and conjugal properties, with their worth, as follows:
Personal properties inherited from his father who died in January, 2016 P 3,500,000
Real property (family home) acquired during the marriage through his own efforts 3,000,000
Cash received as gift from his father in 2010 10,000,000
Real property (land) purchased out of cash inherited in 2012 from his mother 12,000,000
Real property acquired during the marriage (unidentified as to whose efforts resulted in the acquisition 16,000,000
Exclusive properties of the wife 4,000,000
Other information:
1. Claims against conjugal properties amounted to P2,000,000.
2. A mortgage existed on the car inherited from the father. The father constituted the mortgage on the property when he (father) borrowed money to travel abroad. There was an unpaid mortgage of P500,000 at the date of the death of Mr. Dizon.
Required:
a. Compute the gross estate and determine the amount of exclusive and conjugal properties
b. Compute the allowed deductions, taxable net estate and estate tax due.
Personal properties inherited from his father who died in January, 2016 P 3,500,000
Real property (family home) acquired during the marriage through his own efforts 3,000,000
Cash received as gift from his father in 2010 10,000,000
Real property (land) purchased out of cash inherited in 2012 from his mother 12,000,000
Real property acquired during the marriage (unidentified as to whose efforts resulted in the acquisition 16,000,000
Exclusive properties of the wife 4,000,000
Other information:
1. Claims against conjugal properties amounted to P2,000,000.
2. A mortgage existed on the car inherited from the father. The father constituted the mortgage on the property when he (father) borrowed money to travel abroad. There was an unpaid mortgage of P500,000 at the date of the death of Mr. Dizon.
Required:
a. Compute the gross estate and determine the amount of exclusive and conjugal properties
b. Compute the allowed deductions, taxable net estate and estate tax due.
Expert Answer:
a Compute the gross estate and determine the amount of exclusive and conjugal properties Gross estat... View the full answer
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