Case 1.

Resident citizen (decedent)

F M V Consideration
At transfer At Death Received
Revocable Transfers
Land P4,000,000 P5,200,000 P3,000,000
Car 1,000,000 -0- 600,000
Shares of stock 500,000 300,000 400,000
Bonds 200,000 200,000 250,000

Transfer under power

Of Appointment
Land & Bldg (general) 2,000,000 1,800,000 1,000,000
Farm Lot (limited ) 1,500,000 500,000 1,200,000

Compute for the gross estate.

Case 2.

A citizen and resident of the Phils died leaving the ff:

Cash in Bank ( of w/c P150,000 was provided in

the Will to be given to a charitable insti.) P1,000,000
Real property in the Phils:
FMV per City Assessor 400,000
FMV per BIR zonal valuation 500,000
SP of adjacent land the day preceding death 600,000

Real property in Malaysia -FMV 450,000

Car in Phils with chattel mortgage of P200,000 400,000
Receivables:
Mr X – from whom there is chance of collection 20,000
Ms. S - whose debts are 3 times her assets 15,000
Insurance contracts:
Life insurance with the father as revocable B.. 250,000
Life insurance with the mother as irrevocable B.. 200,000
Revocable Transfers:
To sister - FMV @time of transfer P40,000
- Consideration 10,000
-FMV @time of death 50,000

To father- FMV @time of transfer P30,000

- Consideration 30,000
- FMV @time of death 60,000

To mother- FMV@time of transfer P40,000

-consideration 50,000
-FMV@time of death 70,000

Compute for the gross estate .

Case 3.

Resident Decedent

Properties left, at FMV were :

Family Home in the Phils …. P2,000,000
House & Lot in Singapore 1,500,000
Farm land mortgaged with PNB for P600,000 1,000,000

Shares of stock:
Domestic corp deposited in safety deposit bank in HK 200,000
Foreign Corp, 80% of its business is in the Phils 100,000

Receivable from a friend who has no property 50,000

Receivables under insurance policies:
Life insurance with the estate as his revocable B… 500,000
Life insurance with daughter as revocable B.. 400,000
Life insurance with son as irrevocable B… 300,000

Compute for the Gross estate

Case 4.

A citizen of Malaysia, residing in Kuala Lumpur, with properties in Malaysia and the
Philippines, had the following properties at the time of his death.

Industrial lot in Malaysia ………… P1,000,000

House and Lot , Philippines ………. 2,000,000
Shares of stock – Domestic Corp ……… 200,000
Shares of stock – doing 85% of its business in the Phils ……… 100,000
Cash in Bank – BDO ……… 500,000
Receivable under life insurance with a Malaysian Insurance Co. ……. 250,000

Compute for the gross estate.

Case 5.

The decedent was citizen and a resident of Nepal left the following
Properties ( at Fair Market Values)
Assume that Nepal has no Estate tax on succession.

Commercial lot in Davao ……………….. P 1,000,000

Land and BLdg in Sydney, Australia …………… 3,000,000
Car in the Philippines …………… 800,000
Shares of stock of Domestic Corp ……. 700,000
Shares of stock a Foreign Corp (with no business in the Phils) ……. 200,000
Shares of stock of a Foreign Corp ( 90% business in the Phils) ……. 500,000

Compute for the Gross Estate: