1. Bonifacio, head of the family died on January 15 leaving the following properties and obligations: Cash in Bank, 50% donated mortis causa to Nat’l Government 50% to QC Government 3,000,000 House and lot in Makati, Family Home 15,000,000 Personal Properties 15,000,000 Farm Lot 8,2,50,000 Claims against an insolvent debtor 2,250,000 Transfer in contemplation of Death (gratuitous) 15,000,000 Transfer passing under special power of appointment 750,000 Deductions Claimed Funeral Expenses 5,750,000 Judicial Expenses 675,000 Donation Mortis causa to Quezon City Government 1,500,000 Unpaid Mortgage on the farm lot 750,000 Medical expenses (included in the funeral expenses incurred within 1 year period with receipts) 2,250,000 The farm lot was inherited 5 ½ year by the decedent before his death with a value then of P5,750,000 and a mortgage indebtedness of P1,500,000. REQUIREMENT: NET TAXABLE ESTATE.
1. Bonifacio, head of the family died on January 15 leaving the following properties and
obligations:
Cash in Bank, 50% donated mortis causa to Nat’l Government 50% to QC
Government
3,000,000
House and lot in Makati, Family Home 15,000,000
Personal Properties 15,000,000
Farm Lot 8,2,50,000
Claims against an insolvent debtor 2,250,000
Transfer in contemplation of Death (gratuitous) 15,000,000
Transfer passing under special power of appointment 750,000
Deductions Claimed
Funeral Expenses 5,750,000
Judicial Expenses 675,000
Donation Mortis causa to Quezon City Government 1,500,000
Unpaid Mortgage on the farm lot 750,000
Medical expenses (included in the funeral expenses incurred within 1 year
period with receipts)
2,250,000
The farm lot was inherited 5 ½ year by the decedent before his death with a value then of
P5,750,000 and a mortgage indebtedness of P1,500,000.
REQUIREMENT: NET TAXABLE ESTATE.
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