Mr. Yamazaki, a Japanese citizen residing in Tokyo, Japan, died with the following properties in the Philippines: P2,000,000 car – given to a resident Filipino friend as a revocable donation; Mr. Yamazaki waived his right to revoke the donation on his last visit to the Philippines. P4,000,000 share investment in listed firms held by a Philippine stock broker P5,000,000 interest in a partnership operating in the Philippines Filipino non-residents are not subject to estate tax in Japan. Compute the gross estate of Mr. Yamazaki.
Mr. Yamazaki, a Japanese citizen residing in Tokyo, Japan, died with the following properties in the Philippines: P2,000,000 car – given to a resident Filipino friend as a revocable donation; Mr. Yamazaki waived his right to revoke the donation on his last visit to the Philippines. P4,000,000 share investment in listed firms held by a Philippine stock broker P5,000,000 interest in a partnership operating in the Philippines Filipino non-residents are not subject to estate tax in Japan. Compute the gross estate of Mr. Yamazaki.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. Yamazaki, a Japanese citizen residing in Tokyo, Japan, died with the following properties in the Philippines:
- P2,000,000 car – given to a resident Filipino friend as a revocable donation; Mr. Yamazaki waived his right to revoke the donation on his last visit to the Philippines.
- P4,000,000 share investment in listed firms held by a Philippine stock broker
- P5,000,000 interest in a
partnership operating in the Philippines
Filipino non-residents are not subject to estate tax in Japan.
Compute the gross estate of Mr. Yamazaki.
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