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

See similar textbooks

Similar questions

Ms. Eun, single, Filipino citizen, died on her birthday on February 14, 2021 with the following information: House and lot in Makati City (at fair value) 30,000,000 House and lot in San Francisco, California, USA (at fair value) 10,000,000 Personal properties 15,000,000 Uncollected receivables from friends evidenced by promissory notes 2,000,000 Claims against insolvent persons 500,000 Unpaid debts at the time of death What is Ms. Eun’s reportable gross estate?
Manny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in Manila. To Mika, jewelry worth P100,000 in Korea. To Miriam, Ayala Corporation shares amounting to P150,000. To Mario, a building in France P1,600,000 mortgaged for P80,000 (62.5% was assumed by Mario). To Maynard, land in Cebu worth P300,000. To Melvin, P300,000 cash, Deutsche Bank, Brooklyn branch. To Maria, P200,000 receivable from the latter, 50% condoned by Manny. Required: Determine the following circumstances: Donor’s tax due of Manny Donor’s tax due of Manny assuming he is a nonresident alien without reciprocity Donor’s tax due of Manny assuming he is a nonresident alien with reciprocity
Alisha, a resident citizen residing in Singapore during his lifetime, left the following properties: House and lot, Britain P 10,000,000 House, Philippines P 40,000,000 Cars, Philippines P 3,000,000 Shares of stock, Malaysia P 4,000,000 Accounts receivable, Britain P 2,000,000 How much is the gross estate of Nicanor?
EEE, Filipino, residing in Toronto, made the following donations during the calendar year 2020: To his brother in Canada, a Volvo car valued at P10,000,000. Donor’s tax paid to the Canadian Government amounted to P60,000. To his sister in the United States, a house and lot valued at P20,000,000. His sister was to assume the mortgage on the house and lot amounting to P5,000,000. The donor’s tax paid to the US Government amounted to P80,000. To his cousin in the Philippines, shares of stock of Kensington Corporation, a Philippine corporation, valued at P7,000,000. Round your answer to the nearest peso. (e.g. 101.50 = 102) How much is the donor’s tax due after considering the credit for the taxes paid in Canada and in United States?
Mr Jose Peralta, a Filipino merchant residing in Greenhils, made the following gifts in 2021 and 2022. On January 31, 2021, to his legally adopted son Teddy, a bungalow in Sta Mesa, valued at 240,000 on account of marriage to Susan, which was held on January 6, 2020. On May 3, 2021 to his brother Gregory, a parcel of land in Makati, valued at 450,000 with unpaid mortgage of 10,000. On June 17, 2021 to his daughter Chie the sum of P50,000 on accou t of marriage to Jun Salvador on June 22, 2008. On October 1, 2021 to his sister Beth, a resident of California, his Toyota car model 1988, Long Beach, California valued at 150,000. On January 18, 2022, to Jess Casino, a close friend, a jade ring valued at 300,000 as birthday gift. Compute the donor’s tax due on each donation
Juliet, a Filipina made the following donations. a. To Nick, a land worth P450,000 in Manila. b. To Rosalee, jewelry worth P100,000 in Japan. c. To Adalind, PLDT shares amounting to P150,000, d. To Renard, a building in Italy P I,600,000 mortgaged for P 50,000 assumed by the donee. e. To Drew, land in Davao worth P300,000. f. P300,000 cash, PNB New York to Hank g. P200,000 receivable,50% condoned by Juliet She has also transferred the following properties: Selling Price FMV Car, Makati P200,000 P300,000 Car, Malaysia 300,000 200,000 Rest House, Tagaytay 1,000,000 2,000,000 Rest House, Malaysia 1,500,000 2,500,000 1. How much is the gross gift? a. P5,200,000 c. P4,100,000 b. P4,200,000 d. P3,200,000 2. If she is a non-resident Alien, her gross gift is: a. P3,200,000 c. PI, 100,000 b. P I,200,000 d. P850,000 3. If she is a non-resident alien, and there is reciprocity law, her gross gift is: a. P850,000 c. P I,050,000 b. P950,000 d. P700,000
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.
If ken is a resident citizen of the philippines
Juliet, a Filipina made the following donations: To Nick Land in Manila 450,000 To Rosalee Jewelry in Japan 100,000 To Adalind PLDT Shares 150,000 To Renard Building in Italy with mortgage of P50,000 assumed by the done 1,600,000 To Drew Land in Davao 300,000 To Hank Cash in PNB New York 300,000 REQUIREMENT: DONOR’S TAX DUE
Ricardo was married at the time of death and was survived by his wife and their five legitimate children when he was still alive. He died on November 1, 2018 leaving the following: Real and personal properties in the Philippines P11,000,000 Proceeds of life insurance: Receivable by the estate as revocable beneficiary 5,000,000 Receivable by the spouse as irrevocable beneficiary 3,900,000 Medical expenses within one year prior to death: Paid by the time of death 500,000 Unpaid as at the time of death 400,000 Funeral expenses: Paid by the time of death 200,000 Unpaid at the time of death 300,000…
Ricardo was married at the time of death and was survived by his wife and their five legitimate children when he was still alive. He died on November 1, 2018 leaving the following: Real and personal properties in the Philippines P11,000,000 Proceeds of life insurance: Receivable by the estate as revocable beneficiary 5,000,000 Receivable by the spouse as irrevocable beneficiary 3,900,000 Medical expenses within one year prior to death: Paid by the time of death 500,000 Unpaid as at the time of death 400,000 Funeral expenses: Paid by the time of death 200,000 Unpaid at the time of death 300,000…
Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. P34,000 36,000 P32,000 P108,000