TRANSFER TAXATION/ESTATE TAX PROBLEMS: I.

X, a Filipino residing in Pateros, Metro Manila, died a widower on December 20, 2008, leaving the following properties to his children who lived with him. 1) A parcel of land in New York P2,000,000.00 2) A house and lot in Pateros, Metro Manila .. 1,800,000.00 3) Claim against an insolvent person 50,000.00 4) Cash in bank (current account) .. 100,000.00 5) Proceeds of life insurance where he named his only son, Y, as irrevocable beneficiary 200,000.00 6) Shares of stock in a foreign corporation with Office in New York .. 900,000.00 7) Car in New York 250,000.00 Total .. P5,300,000.00 The deductions claimed are as follows: 1) Funeral expenses . P 250,000.00 2) Medical expenses P 550,000.00 3) Judicial expenses . 35,000.00 4) Claims against estate 72,500.00 5) Claims against an insolvent person 50,000.00 6) Real Property tax for 2009 .. 10,000.00 7) Family Home .P1,000,000.00 Total .P1,967,500.00 Required: Compute the net estate and the estate tax due and payable. II. X, a Filipino residing in Boac, Marinduque, where he worked as branch manager of a bank, married to Y, died intestate (without a will) on January 15, 2009 leaving properties which consist of the following: 1) House and lot (conjugal partnership property) located in Quezon city acquired during marriage .P2,000,000.00 2) Household furniture and appliances . 380,000.00 3) Lot located in the province acquired before Marriage .. 900,000.00 4) Improvements on lot described in No. 3 built before Marriage . 1,300,000.00 5) 1,000 shares of stock in a corporation having a Far market value of P24 per share at the time of Xs death 240,000.00 6) Retirement benefits received by heirs form Xs Employer (under R.A. No. 4917) . 700,000.00 Total P5,520,000.00 =========== Claimed as deductions by the heirs who settled he estate extrajudicially are the following: Funeral expenses . P 90,000.00 Medical expenses incurred on January 2-5, 2008 .. 200,000.00 Judicial expenses .. 100,000.00 Unpaid mortgage n house and lot (family home) In Quezon City . 830,000.00 Losses from fire on June 30, 2009 of improvements In No. 4 above (not compensated for by Insurance or otherwise 500,000.00 Losses from flood on July 30, 2009 of household Furnitures and appliances ( also not compensated For by insurance or otherwise) 50,000.00 Family home .. 1,000,000.00 Total . P2,270,000.00 =============== Required: Compute the estate tax due and payable.

III. X, a Japanese residing in Tokyo, Japan, died leaving the following properties: Properties located in the Philippines P 500,000.00 Properties located in Japan 1,000,000.00 Total gross estate within and outside Of the Philippines P1,500,000.00 ============ His administrator in the Philippines claimed the following deductions: Expenses for cremation Cost of urn containing his ashes Judicial expenses in connection with properties In the Philippines Indebtedness incurred in the Philippines Total 85,000.00 P120,000.00 =========== Required: Compute the net estate subject to Philippine estate tax and the estate tax due and payable. 20,000.00 5,000.00 P 10,000.00