Pedro Penduco, decedent, died leaving the following properties and rights: Cash on hand and in banks (half to be given to a social welfare institution as per will) P1,500,000 Land in Masbate Province Assessed value per city assessment 100,000 Zonal value per BIR 500,000 Land in Bali, Indonesia, fair market value 450,000 Car, Philippines (mortgage at P100,000) 400,000 Receivable from brother (fully collectible) 50,000 Receivable from insolvent uncle 20,000 Receivable under accident insurance for accident a year before death 80,000 Receivable under property insurance for damaged caused to his car 15,000 Receivable under life insurance, mother was designated as irrevocable beneficiary 700,000 Receivable under life insurance, administrator was designated as irrevocable beneficiary 500,000 Receivable under group life insurance, taken by the decedent’s employer 300,000 Rent income on property in Bali, Indonesia that accrued before death 100,000 How much is the gross estate of Mr. Penduco?
Pedro Penduco, decedent, died leaving the following properties and rights:
Cash on hand and in banks (half to be given to a social welfare institution as per will) P1,500,000
Land in Masbate Province
Assessed value per city assessment 100,000
Zonal value per BIR 500,000
Land in Bali, Indonesia, fair market value 450,000
Car, Philippines (mortgage at P100,000) 400,000
Receivable from brother (fully collectible) 50,000
Receivable from insolvent uncle 20,000
Receivable under accident insurance for accident a year before death 80,000
Receivable under property insurance for damaged caused to his car 15,000
Receivable under life insurance, mother was designated as irrevocable beneficiary 700,000
Receivable under life insurance, administrator was designated as irrevocable beneficiary 500,000
Receivable under group life insurance, taken by the decedent’s employer 300,000
Rent income on property in Bali, Indonesia that accrued before death 100,000
How much is the gross estate of Mr. Penduco?
Step by step
Solved in 2 steps
