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    Estate Tax Problem TRAIN Law

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    Kaira Marie Carlos
    Kino Lam, a resident of the Philippines, died after 10 years of marriage. His estate included various properties and investments worth over P58 million in total. Deductions against the estate included judicial and casualty expenses, unpaid mortgages, and claims against the common property and insolvent persons totaling over P12 million. The question asks to compute the net estate and estate tax assuming an absolute community of properties regime.

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    Estate Tax Problem TRAIN Law

    Uploaded by

    Kaira Marie Carlos
    400 views1 page
    Kino Lam, a resident of the Philippines, died after 10 years of marriage. His estate included various properties and investments worth over P58 million in total. Deductions against the estate included judicial and casualty expenses, unpaid mortgages, and claims against the common property and insolvent persons totaling over P12 million. The question asks to compute the net estate and estate tax assuming an absolute community of properties regime.

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    Estate Tax problem TRAIN law

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    Kino Lam, a resident of the Philippines, died after 10 years of marriage. His estate included various properties and investments worth over P58 million in total. Deductions against the estate included judicial and casualty expenses, unpaid mortgages, and claims against the common property and insolvent persons totaling over P12 million. The question asks to compute the net estate and estate tax assuming an absolute community of properties regime.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    400 views1 page

    Estate Tax Problem TRAIN Law

    Uploaded by

    Kaira Marie Carlos
    Kino Lam, a resident of the Philippines, died after 10 years of marriage. His estate included various properties and investments worth over P58 million in total. Deductions against the estate included judicial and casualty expenses, unpaid mortgages, and claims against the common property and insolvent persons totaling over P12 million. The question asks to compute the net estate and estate tax assuming an absolute community of properties regime.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 1

    After being married for 10 years, Kino Lam, died as a resident citizen of the Philippines.

    He has the following properties and deductions:

    Properties:
    1. Residential house and lot (family home) P 20,000,000
    2. Jewelry acquired by the decedent before marriage 1,000,000
    3. Vacation house in Tagaytay transferred to daughter
    in contemplation of death (exclusive property) 5,000,000
    4. Investments in bonds (Named in trust of his 800,000
    daughter as trustee)
    5. Marketable securities (Domestic Corporation) 400,000
    6. Farm, inherited from his father three years ago
    (value when inherited by the decedent , P 2,500,000) 10,000,000
    7. Income from farm 800,000
    8. Commercial building inherited by the wife during 10,000,000
    marriage
    9. Rent income from commercial building 3,000,000
    10. Property brought to marriage by his wife 6,000,000

    Deductions claimed:
    1. Judicial expenses (partition of property) 900,000
    2. Casualty loss (500,000 paid by insurance) 1,500,000
    3. Unpaid mortgage on inherited farm (5,000,000 of 8,000,000
    which was condoned 6 months after death of
    decedent)
    4. Claims against common property 800,000
    5. Claims against insolvent person 1,000,000

    Required: Compute the net estate and estate tax assuming that the couple is under the
    regime of Absolute Community of Properties.

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