How much is the gross estate of Mr. Jack Jones assuming there is no reciprocity between the US and the Philippines?
40
Jack Jones, an American residing in New Jersey, USA, single, died on October 1, 2020. His executor provided to you the following information on his estate:
|
House and lot in New Jersey, USA |
P |
8,000,000 |
|
Shares of stock of Pasig Textiles, Inc., a domestic corporation |
|
600,000 |
|
Bank deposit at PNB – Manila |
|
300,000 |
|
Shares of stock of Grant Corporation, a corporation formed in New Jersey, 88% of the business of which is located in the Philippines |
|
1,000,000 |
|
Shares of stock of Bluebird Corporation, a corporation organized in New Jersey, 45% of the business is locate in New Jersey, but the shares have acquired a business situs in the Philippines |
|
900,000 |
|
Promissory note from Jose Juan, a resident of Pampanga |
|
200,000 |
|
Promissory note from John Weeks, a resident of New Jersey, USA |
|
100,000 |
|
Condominium unit at Trafalgar Suites in Makati |
|
2,800,000 |
|
Franchise of NJ Coffee, exercised in New Jersey |
|
3,000,000 |
How much is the gross estate of Mr. Jack Jones assuming there is no reciprocity between the US and the Philippines?
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