Mr. A, a citizen and resident of the Philippines, died with the following data on his estate: Net estate, Philippines Net estate, Country M Estate tax paid, Country M P2,000,000 4,000,000 400,000 How much is the Philippine estate tax due if the estate tax paid to Country M is claimed as a tax credit?

Mr. A, a citizen and resident of the Philippines, died with the following data on his estate: Net estate, Philippines Net estate, Country M Estate tax paid, Country M P2,000,000 4,000,000 400,000 How much is the Philippine estate tax due if the estate tax paid to Country M is claimed as a tax credit?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 8BCRQ

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Question

Answer the ff. requirements

Mr. A, a citizen and resident of the Philippines, died with the following
data on his estate:
Net estate, Philippines
Net estate, Country M
Estate tax paid, Country M
P2,000,000
4,000,000
400,000
How much is the Philippine estate tax due if the estate tax paid to Country
Mis claimed as a tax credit?
Mr. A died with a receivable from Mr. B of P50,000. Mr. B has assets
of P300,000. The property is subject to a mortgage of P800,000.
How much shall be the included in the gross estate of Mr. A?

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