While he was traveling with friends, Mr. Juan, resident Filipino citizen, died on January20, 2021 in a California Hospital, USA, leaving personal and real properties with market values as follows: House and Lot in Quezon City - P10 Million; Cash in bank in California - US$10,000.00; Citibank in New York - US$5,000.00; Cash in BPI Makati - P4 Million; Car in Quezon City - P1Million; Shares of stocks of Apple Corporation, US corporation listed in NY Stock Exchange - $5,000 . His gross estate for Philippine estate tax purposes shall be?(Exchange rate US$1 = P50) *

While he was traveling with friends, Mr. Juan, resident Filipino citizen, died on January20, 2021 in a California Hospital, USA, leaving personal and real properties with market values as follows: House and Lot in Quezon City - P10 Million; Cash in bank in California - US$10,000.00; Citibank in New York - US$5,000.00; Cash in BPI Makati - P4 Million; Car in Quezon City - P1Million; Shares of stocks of Apple Corporation, US corporation listed in NY Stock Exchange - $5,000 . His gross estate for Philippine estate tax purposes shall be?(Exchange rate US$1 = P50) *

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 15P

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Question

While he was traveling with friends, Mr. Juan, resident Filipino citizen, died on January20, 2021 in a California Hospital, USA, leaving personal and real properties with market values as follows: House and Lot in Quezon City - P10 Million; Cash in bank in California - US$10,000.00; Citibank in New York - US$5,000.00; Cash in BPI Makati - P4 Million; Car in Quezon City - P1Million; Shares of stocks of Apple Corporation, US corporation listed in NY Stock Exchange - $5,000 . His gross estate for Philippine estate tax purposes shall be?(Exchange rate US$1 = P50) *

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In the problem below, how much is the gross estate of Don Sebastian? *