Professional Documents
Culture Documents
PROBLEMS
1.
2.
a.
Tax on P88,620
Exempt
b.
Tax on P200,000
520,125 x 8%
Exempt
41,610
c.
Tax on P2,000,000
d.
Tax on P10,000,000
2,069,322 x 20%
Estate tax
135,000
1,215,000.00
413,864.40
1,628,864.4
Conjugal properties
P2,340,00
0
2,260,00
0
4,600,00
0
Exclusive properties
Gross estate
Less: Ordinary deductions
Funeral expenses, actual
Judicial expenses
Claims against conjugal properties
P120,000
45,000
55,000
Standard deductions
Net estate
Less: Share of surviving spouse
Gross conjugal
( 220,000
)
(1,000,00
0)
3,380,000
P
2,340,000
220,000
2,120,000
1,060,00
0
2,320,00
0
Conjugal
Exclusiv
Total
e
Family home
Miscellaneous personal properties
Time deposit (P50,000 x )
Real estate (P1,000,000 + 500,000)
P2,000,00
0
800,000
25,000
________
Gross estate
2,825,000
Deductions:
Ordinary Unpaid mortgage
Funeral expenses
Judicial expenses
Total
P 120,000
180,000
60,000
360,000
17
1,500,0
00
1,500,00
0
4,325,000
( 360,000
)
Special:
Family home (maximu m)
Standard deductions
Net estate
Less: Share of surviving spouse (P2,825,000 360,000) x 1/2
Net taxable estate
4.
Conjugal
Commercial land
Family home (P250,000 + 1,300,000)
Fishpond
Motor vehicle
Time deposit, PNB
Other personal properties
Tot al
1,550,000
280,000
160,000
90,000
800,000
2,880,000
Exclusive
1,400,0
00
( 517,000
)
(1,000,000
)
( 775,000
)
1,988,000
1,181,500
806,500
P
2,900,000
1,500,000
4,400,000
100,000
75,000
25,000
1,000,000
18
Total
________
1,400,00 4,280,000
0
Deductions:
Ordinary Unpaid mortgage, commercial land
200,000
Claim against the estate(200,000 x 18% x 27,000
9/12)
Unpaid mortgage, family home
220,000
Funeral expenses
55,000
Judicial expenses
15,000
Total
517,000
5.
(1,000,000
)
(1,000,000
)
1,965,000
1,232,500
732,500
200,00
0)
1,000,000
Net estate
Less: Share of surviving spouse (4,400,000 200,000) x 1/2
Net taxable estate
6.
Family home
House and lot Bangkok
Domestic shares
DBP Bonds
Appliances, Kampuchea
Receivable from an insolvent debtor, Manila
Receivable from an insolvent debtor, Kampuchea
Gross conjugal / Gross estate
Deductions:
Ordinary Funeral expenses (42,500 + 20,000)
Claims against the estate
Unpaid mortgage, Manila
Unpaid mortgage, Bangkok
Bad debts, Manila
Bad debts, Kampuchea
Special Family home (1,340,000 x )
Standard deduction
(2,000,000
)
2,200,000
2,100,000
100,000
1,340,000
2,200,500
130,000
30,000
168,000
25,000
35,000
3,928,500
62,500
50,000
75,000
50,000
25,000
35,000
670,000
1,000,000
Net estate
Less: Share of surviving spouse (3,928,500 297,500)
x 1/2
Net taxable estate
( 297,50
0)
(1,670,000
)
1,961,00
0
1,815,500
145,500
72. PROBLEMS
1.
Family home
P1,800,00
0
40,00
0
1,840,000
1,500,000
3,340,00
0
32,00
0
40,500
900,000
1,000,00
0
Net estate
19
( 72,50
0)
(1,900,000
)
1,367,50
0
( 883,75
0)
483,750
Conjugal properties:
Cash
Prize in a raffle
Conjugal
500,000
50,00
0
150,00
0
1,900,00
0
800,00
0
1,500,00
0
30,00
0
4,930,00
0
Proceeds of insurance
House and lot, family home
Other personal properties
Other real properties
Claims against insolvent persons
Gross estate
Less: Deductions
Ordinary
Funeral expenses
Judicial expenses
195,000
15,00
0
30,00
0
350,00
0
35,00
0
Bad debts
Unpaid mortgage, Laguna
Unpaid taxes
Special Family home (1,900,000/2)
Total
4,930,00
0
( 625,000
)
( 950,00
0)
(1,000,00
0)
2,355,555
Standard deduction
Net estate
Less: Share of surviving spouse
Gross conjugal
Less: Conjugal deductions
4,930,000
625,00
0
4,305,00
0
Net
3.
Exclusive
2,152,500
203,055
Family home
House in Manila
1,500,000
2,200,00
0
537,50
0
80,00
0
4,317,500
Less: Deductions
Ordinary
Funeral expenses
Judicial expenses
Legacy to Red Cross
Claims against the estate
Received from employer (RA 4917)
135,000
25,000
15,000
50,000
80,000
Special
Family home, limit
Standard deduction
1,000,000
1,000,000
( 305,000
)
(2,000,000
)
2,012,500
135,000
1,375
136,375
Cash
House and lot
135,000
950,00
0
450,00
0
465,000
2,000,00
0
Medical equipments
Land in Camarines Sur
Gross estate
Less: Deductions
Ordinary
Funeral expenses
Cremation
Cost of coffin
Expenses of the wake
Burial plot and tombstone
Total
Limit (2,000,000 x 5%)
150,000
20,000
60,000
22,000
252,000
100,00
0
5,00
0
80,0
00
70,00
0
204,16
5
Judicial expenses
Loans from GSIS
Unpaid mortgage (100,000
30,000)
Vanishing deduction (Schedule
1)
Special
Standard deduction
( 459,165
)
(1,000,00
0)
(
15,00
0)
525,83
5
Medical expenses
Net estate subject to tax
Tax on P500,000
P15,000.0
0
2,066.
80
25,835 x 8%
21
Estate tax
17,066.
80
P420,00
0
30,00
0
390,00
0
49,72
5
340,27
5
60%
204,16
5
Base
Rate
Vanishing deduction
5.
Conjugal
Family home
Total
4,600,0
00
400,00
0
Personal properties
Land
Building
Car
5,000,00
0
800,000
500,000
900,00
0
2,200,00
0
200,000
200,000
150,000
_______
550,000
997,500
997,500
________
Gross estate
Less: Deductions
Ordinary
Funeral expenses (maximu m)
Judicial expenses
Unpaid mortgage, family home
Vanishing deduction
Tot al
Special
Family home, maximu m
Standard deduction
Net estate
Exclusiv
e
22
7,200,000
( 1,547,500
)
( 1,000,000
)
( 1,000,000
)
3,652,500
2,225,000
1,427.500
a.
b.
c.
d.
e.
P
600,000
500,000
900,000
2,000,000
200,000
1,800,000
137,500
1,662,500
60%
997,500
Deductible
Not deductible
Not deductible
Not deductible
Deductible
7.
Exclusiv
e
2,500,00
0
2,000,00
0
________
4,500,00
0
Personal properties
Family home
Real properties
Gross estate
Ordinary deductions:
Funeral expenses, limit
Judicial expenses
Unpaid taxes
Losses
Special deductions:
Family home
Community
Total
1,750,000
1,400,000
3,150,000
7,650,000
200,000
30,000
12,500
350,000 ( 592,500 )
Standard deduction
Medical expenses, limit
Net estate
Less: Share of surviving spouse (3,150,000
592,500) / 2
Net taxable estate
23
(1,000,000
)
(1,000,000
)
( 500,000
)
4,557,50
0
1,278,750
3,278,75
0
Personal properties
Family home
Real properties
Gross estate
Ordinary deductions:
Funeral expenses
Judicial expenses (30,000 + 20,000)
Unpaid taxes
Medical expenses
Losses (350,000 + 130,000)
Community
1,750,000
1,400,000
3,150,000
220,000
50,000
12,500
550,000
480,000
Net estate
Less: Share of surviving spouse (3,150,0001,312,500)/ 2
Net distributable estate
8.
Communit
y
3,000,000
Gross estate
Less: Deductions
Ordinary
Unpaid mortgage (50,000 20,000)
Amount claimed as deduction
Vanishing deduction
7,650,00
0
(1,312,50
0)
6,337,50
0
918,750
5,418,750
Exclusiv
Total
e
2,000,00 5,000,00
0
0
30,000
170,000
384,000
( 584,000
)
(1,000,00
0)
3,416,00
0
Total
3,000,00
0
584,00
0
2,416,00
0
1,208,00
0
2,208,00
0
540,000
40,000
500,000
24
Amount claimed
170,000
Unpaid mortgage (50,000
30,000
20,000)
Tot al
200,000
(500,000 / 5,000,000) x
20,000
200,000
Base
480,000
Rate (more than 1 year, not more than 2
80%
years)
Vanishing deduction
384,000
9.
2,000,00
0
300,00
0
5,000,00
0
1,500,00
0
Less: Expenses
Gross estate, United States
Less: Expenses
1,700,0
00
3,500,0
00
5,200,0
00
Total
Tax on P 5,000,000
200,000 x 15%
Estate tax due
Less: Tax credit
Tax paid, US
Limit (35/52 x 495,000)
Estate tax due after tax credit
465,000
30,000
495,000
280,000
333,173
280,000
215,000
900,000
800,00
0
200,00
600,00
0
0
500,00
0
(600,00 (100,00
0)
0)
800,00
0
200,00
600,00
0
0
Total
Tax on P2,000,000
1,100,0
00
2,000,0
00
135,000
25
60,000
40,500
100,00
0
60,000
40,500
60,00
0
100,50
0
74,25
0
74,250
60,750
26