Question: Problem 2 A nonresident alien, married, died onSeptember 2018. He left the following: Conjugal properties, Philippines,5,000,000 Exclusive properties, Philippines,2,000,000 Conjugal properties, USA,10,000,000 Exclusive properties, USA,5,000,000
Problem 2
A nonresident alien, married, died onSeptember 2018. He left the following:
Conjugal properties, Philippines,5,000,000
Exclusive properties, Philippines,2,000,000
Conjugal properties, USA,10,000,000
Exclusive properties, USA,5,000,000
The following deductions wereclaimed:
Actual funeral expenses, 1,250,000
Judicial expenses, 800,000
Claims against the estate,1,725,000
Transfer for Public Use, 200,000
Medical expense, 875,000
Included in the Philippines grossestate (conjugal) were the following:
Domestic shares, 500,000
Share in a partnership, 1,000,000
Other tangible personal properties,3,500,000
The Philippine exclusive propertieswere all tangible personal properties. These included a car, whichwas inherited 3 ½ years before the present decedent’s death, andhad a fair market value of 500,000.
Required
Determine thefollowing:
- Exclusive Property of the Decedent
- Community Property
- Taxable Net Estate
- Estate Tax Due
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