The decedent devised to h
Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 41P
Related questions
Question
Determine the gross estate.
![The decedent devised to his four (4) children separate parcels of land with
the following data:
TO JUAN, 1,000 square meter lot in Sampaloc, Manila with the
following valuation:
Assessed value determined by the City of Manila,
P25,000/sq.m.
Zonal value as determined by the CIR, P18,000,000
FMV as determined by independent assessors, P20,000,000
TO PEDRO, 1,000 square meter lot in Q.C. with the following
valuation:
Assessed value determined by Q.C., P15,000/sq.m.
Zonal value as determined by the CIR, P18,000,000
FMV as determined by independent assessors, P20,000,000
TO MARIA, 1,000 square meter lot in Makati with the following
valuation:
I
determined by the
determined by the City of Manila,
Assessed value
P15,000/sq.m.
FMV as determined by independent assessors, P20,000,000
REQUIRED: Determine the gross estate of the decedent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F300f1334-f5c3-4193-8d3f-d660839e1129%2F8bf7c60c-6d3d-401a-bf9f-4d67af24e280%2Fwsoh9lm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The decedent devised to his four (4) children separate parcels of land with
the following data:
TO JUAN, 1,000 square meter lot in Sampaloc, Manila with the
following valuation:
Assessed value determined by the City of Manila,
P25,000/sq.m.
Zonal value as determined by the CIR, P18,000,000
FMV as determined by independent assessors, P20,000,000
TO PEDRO, 1,000 square meter lot in Q.C. with the following
valuation:
Assessed value determined by Q.C., P15,000/sq.m.
Zonal value as determined by the CIR, P18,000,000
FMV as determined by independent assessors, P20,000,000
TO MARIA, 1,000 square meter lot in Makati with the following
valuation:
I
determined by the
determined by the City of Manila,
Assessed value
P15,000/sq.m.
FMV as determined by independent assessors, P20,000,000
REQUIRED: Determine the gross estate of the decedent
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT