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    Tax Term Quiz Problem

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    Rena Jocelle Nalzaro
    This document contains a term quiz for a course on estate tax. It provides information about the properties owned by a decedent and asks students to calculate: [1] the gross estate for different scenarios depending on the decedent's residency status; and [2] the value of ABS-CBN shares held by the decedent. It also provides a comprehensive problem asking students to calculate: [1] the total gross estate; [2] the vanishing deduction; [3] the total ordinary deductions; and [4] the taxable net estate, based on detailed information provided about the Estate of Jose Juan.

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    © All Rights Reserved
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    Tax Term Quiz Problem

    Uploaded by

    Rena Jocelle Nalzaro
    106 views2 pages
    This document contains a term quiz for a course on estate tax. It provides information about the properties owned by a decedent and asks students to calculate: [1] the gross estate for different scenarios depending on the decedent's residency status; and [2] the value of ABS-CBN shares held by the decedent. It also provides a comprehensive problem asking students to calculate: [1] the total gross estate; [2] the vanishing deduction; [3] the total ordinary deductions; and [4] the taxable net estate, based on detailed information provided about the Estate of Jose Juan.

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    This document contains a term quiz for a course on estate tax. It provides information about the properties owned by a decedent and asks students to calculate: [1] the gross estate for different scenarios depending on the decedent's residency status; and [2] the value of ABS-CBN shares held by the decedent. It also provides a comprehensive problem asking students to calculate: [1] the total gross estate; [2] the vanishing deduction; [3] the total ordinary deductions; and [4] the taxable net estate, based on detailed information provided about the Estate of Jose Juan.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    106 views2 pages

    Tax Term Quiz Problem

    Uploaded by

    Rena Jocelle Nalzaro
    This document contains a term quiz for a course on estate tax. It provides information about the properties owned by a decedent and asks students to calculate: [1] the gross estate for different scenarios depending on the decedent's residency status; and [2] the value of ABS-CBN shares held by the decedent. It also provides a comprehensive problem asking students to calculate: [1] the total gross estate; [2] the vanishing deduction; [3] the total ordinary deductions; and [4] the taxable net estate, based on detailed information provided about the Estate of Jose Juan.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Saint Vincent’s College, Inc.

    Dipolog City
    2nd Semester 2021- 2022

    COLLEGE OF BUSINESS AND ACCOUNTANCY

    HIGHER EDUCATION DEPARTMENT BT 22


    TERM QUIZ HURLY ALAMPAY, CPA,CTT,JD

    NAME: ______________________________________ SCORE: __________________

    COURSE/YEAR: ______________________________ DATE: _____________________

    Problem Solving.

    Use the following information for the next four items (2.5 points per item)
    A decedent left the following properties: His heirs inquired you about estate tax matters.

    Land in Spain (with P1M unpaid mortgage) P2,000,000; Land in Batangas, Philippines 500,000;
    Franchise in Switzerland 100,000; Receivable from debtor in Philippines 70,000; Receivable
    from debtor in Switzerland 100,000; Bank deposits in Switzerland 80,000; Shares of stocks of
    ABS-CBN (listed), Philippines 75,000; Shares of stocks of RPH, foreign corporation 80% of the
    business in the Philippines 125,000; Other personal properties 300,000; Zonal value of the land
    in Batangas 750,000.
    i. If the decedent is a non-resident citizen, his gross estate is ________

    ii. If the decedent is a non-resident alien without reciprocity, his gross estate is ______

    iii. If the decedent is a non-resident alien with reciprocity, his gross estate is ______

    iv. Assuming the ABS-CBN shares are not listed, and there are 1,000 shares at the time
    of death, ABC-CBN’s outstanding shares were 10,000 shares. Its retained earnings
    were P2,000,000, par value per share was P50. The gross estate should show the
    said shares at ________
    Comprehensive Problem. 10 points

    The following data were provided by the Estate of Jose Juan, a Mexican, resident of
    Quezon City. Mr. Juan died intestate on September 30, 2020.

    House and lot (family home) P4,000,000


    Agricultural land inherited from his father who died 2.5 years before
    his death P1,500,000
    Other real properties P3,000,000
    Car, transferred under general power of appointment P450,000
    Personal properties, Mexico P450,000
    Proceeds from life insurance, executor irrevocably designated P250,000
    Deposits, BPI P400,000
    Cash on Hand, transferred in contemplation of death P100,000
    Other tangible properties P800,000
    Benefits received from SSS P200,000

    Obligations and charges against certain properties follow:


     Medical expense of last illness (unpaid as of the time of death
    supported by bills and statements from hospital) P600,000
     Funeral expenses P500,000
     Transfer to Government P100,000
     Claims against the estate other than unpaid mortgage P250,000
     Unpaid mortgage on inherited agricultural land P130,000
     Claims against insolvent person P100,000
     Unpaid real estate tax for the 4th quarter P20,000
     Bank withdrawals, subjected to 6% withholding tax P150,000
     Benefits – RA 4917 P500,000

    *The agricultural land was inherited by the present decedent. Its value at the time of inheritance
    was P1,200,000. It had an unpaid mortgage of P180,000.
    *Insolvent person’s total assets and liabilities were P100,000 and P400,000, respectively.

    A) How much was the total gross estate? 5 points


    B) How much was the vanishing deduction? 5pts
    C) How much was the total ordinary deductions? 5pts
    D) How much was the taxable net estate? 5pts

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