X, Non-resident alien, died in 2022, left the following properties: Land in Italy (with P1 million unpaid mortgage), P2,000,000 Land in Laguna, Philippines, with Cost of P500,000 and Zonal Value of P900,000 Bank deposits in USA, P80,000 Receivable from debtor living in USA; P70,000 Shares of stocks of PLDT, Philippines, P90,000 Other personal properties in manila at cost P100,000 (Fair Market Value is P120,000) Shares of stocks of foreign corporation, 75% of business in Philippines; P400,000 What is the gross estate?
X, Non-resident alien, died in 2022, left the following properties: Land in Italy (with P1 million unpaid mortgage), P2,000,000 Land in Laguna, Philippines, with Cost of P500,000 and Zonal Value of P900,000 Bank deposits in USA, P80,000 Receivable from debtor living in USA; P70,000 Shares of stocks of PLDT, Philippines, P90,000 Other personal properties in manila at cost P100,000 (Fair Market Value is P120,000) Shares of stocks of foreign corporation, 75% of business in Philippines; P400,000 What is the gross estate?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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X, Non-resident alien, died in 2022, left the following properties:
- Land in Italy (with P1 million unpaid mortgage), P2,000,000
- Land in Laguna, Philippines, with Cost of P500,000 and Zonal Value of P900,000
- Bank deposits in USA, P80,000
- Receivable from debtor living in USA; P70,000
- Shares of stocks of PLDT, Philippines, P90,000
- Other personal properties in manila at cost P100,000 (Fair Market Value is P120,000)
- Shares of stocks of foreign corporation, 75% of business in Philippines; P400,000
What is the gross estate?
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