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Assignment 1.2: Determining Gross Estate, Taxable Net Estate and Estate Tax

Pancho, a non-resident alien, reported assets with a total gross estate valued at PHP3,800,000, including a house in the Philippines, bank deposits in Philippine and foreign banks, shares in a domestic corporation, a franchise in Manila, and a receivable based in Mindanao. The assignment requires determining the taxable net estate and estate tax by applying the rule of reciprocity to some assets but not others.

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332 views

Assignment 1.2: Determining Gross Estate, Taxable Net Estate and Estate Tax

Pancho, a non-resident alien, reported assets with a total gross estate valued at PHP3,800,000, including a house in the Philippines, bank deposits in Philippine and foreign banks, shares in a domestic corporation, a franchise in Manila, and a receivable based in Mindanao. The assignment requires determining the taxable net estate and estate tax by applying the rule of reciprocity to some assets but not others.

Uploaded by

Gie Mae
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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TAX004

Assignment 1.2: Determining gross estate, Taxable Net Estate and Estate Tax

● PANCHO, a non-resident alien has reported his gross estate with their fair market values as follows:

House & lot, family home in Quezon City P 1,500,000


Bank deposit in foreign branch of a domestic
P 500,000
branch
Bank deposit Makati branch of a foreign bank P300,000
Shares of stock issued by domestic corporation;
P1,000,000
certificates kept in Canada
Franchise exercised in Manila P800,000
Receivable, debtor in Mindanao P200,000

the rule of reciprocity is applied: P1,500,000

Bank deposit in foreign branch of a domestic


P 500,000
branch
Bank deposit Makati branch of a foreign bank P300,000
Shares of stock issued by domestic corporation;
P1,000,000
certificates kept in Canada
Franchise exercised in Manila P800,000
Receivable, debtor in Mindanao P200,000
TOTAL: P2,800,000

the rule of reciprocity is not applied: P

House & lot, family home in Quezon City P 1,500,000


Bank deposit Makati branch of a foreign bank P300,000
Shares of stock issued by domestic corporation;
P1,000,000
certificates kept in Canada
Franchise exercised in Manila P800,000
Receivable, debtor in Mindanao P200,000
TOTAL: P3,800,000

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