On June 15 of the current taxable year before his death, Mr. Ibos transferredhisP3,000,000 farm land to
Question:
On June 15 of the current taxable year before his death, Mr. Ibos transferredhisP3,000,000 farm land to Ms. Daisy with the condition that should Ms. Daisy transfer such property, she could transfer it to anybody. 2 years after Ms. Daisy died, the property was transferred to Mr. Arman, her brother.
Will the farm valued at P3,000,000 be included in the gross estate of Ms. Daisy?
Mr. Marlboro executed a document transferring his P2,500,000 rest house to Mr. Wilfredo, his brother, with the condition that should Mr. Wilfredo transfer such property, it should be transferred only to the youngest son of Mr. Marlboro.
At the time of death of Mr. Wilfredo, will the P2,500,000 rest house be included in the gross estate?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill