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TAX Midterm Mr-Dizon-Exercise

Exercise

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Nelzen Garay
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297 views

TAX Midterm Mr-Dizon-Exercise

Exercise

Uploaded by

Nelzen Garay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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‘Mr Tristan Dizon. a citizen of the Philippines and a resident of Manila, died on November 11, 2021, survived by his spouse, leaving exclusive and conjugal properties, with their worth, as follows: & Personal properties inherited from his father who died in 2020 300,000 © Real property (family home) acquired during the marriage through his own efforts 350,000 E Cash received as gift from his father in 2018 1,040,000 E Real property (land) purchased out of cash inherited in 2011 from his mother 200.000 (. Real property acquired curing the marriage (unidentified 2s to whose efforts resulted in the acquisition 600,000 X Exclusive properties of the wife 400,000 (Other information: |. Medical expenses of the last illness (dusing the last two months of the decedent's life) amounted to P 100,000. The decedent had a claim against an admittedly insolvent person of P 10,000. deducted from gras estate Actual fmeral expenses paid out of the estate amounted to P 120.000. Tdicial expenses (attorney's fees, etc.) of testamentary proceedings amounted to P 200,000. Claims against conjugal properties amounted to P 105,000. claims against ectaie j. A mortgage existed on the car inherited fiom the father. The father constituted the mortgage on the property when hae (father) borrowed money to travel abroad. There was an unpaid mortgage of P 10,000 at the date of the death of Mr. Dizon. Compute the following 1. Exclusive gross estate. 2 Conjugal gross estate 3. Vanishing Deduction 4 Total Ordinary Deductions |. Gxdusive Property: — 2.Conjugal Property: Hem 1 900k Homt 906 Hem 3 1080k Hems Gwe Hem 4 _ 200k con 4k 3. Stop 1: Ompute trtal gris estate Step 2: Determine the titiat value Ekdusive — Ishok ‘Frm Hem: P 300k Conjugal _ FE. Tace — 2490k Step 3: Mortgagyy Initial value — 10k Pod metgage — (290K) Mufnage 700k New hitless Me Unpaid metgage (10k) Paid mortage vieSte |: Unpaid mortgage Claims again] conjugal prperties Claims against insblvent person Multiplied: MB/ TCE Deductible Portion Final Bacir 498 Muthelied (p07 5. Thral ordinary Deductions Vanishing deduction aims againel cnsugai prperties Claims against insdlvent person Initial Basis })090 Deduchle Yotin = (S02) 4,498 (0,000 Ios, 000 10 000 12S, 900 [0k (240k 92.00 Final Barig 9,498 10s, 900 10, 000

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