Taxpayer's Name Rodolfo Baulite

Residence of Decedent At The Time of Death Brgy San Isidro GSC

A Filipino Citizen
Died on November 1 2005
Got married 20 years before his death
He left the following properties to his wife and two legitimate children

If the properties are silent in terms if whether it is conjugal or exlusive,

1. Apply the proper treatment for CPOG or ACOP
2. Assume it was acquired during marriage

If the properties are silent whether it is real or personal property, assume it is real property.
Residential House and Lot (family home) 3,500,000
Building apartment brought into marriage 10,000,000
Income specifically identified from building apartment 3,000,000
Bank Deposit - Equitable Bank - joint account 5,000,000
Agricultural land inherited by the decedent, 6 years ago 800,000
Family Car 550,000
House and Lot, New York 1,500,000
Grocery store in Baclaran 300,000
Shares of Stock, Hongkong 4,000,000
Receivable, including P500,000 claims against insolvent 2,000,000
Land inherited previoulsy subject to transfer taxes 42 months ago
at Fair Value 3,400,000
It has been subjected to mortgage by the previous owner
assumed by the decedent 500,000
The unpaid balance of the mortgage 100,000

Investment of 1000 shares of domestic corporation

It was issued to him 25 years ago before his death.
Par value 100
It was selling in the stock exchange on November 2 2005 at P120-P150

Investment on unlisted 500 common shares

Par value 90
Book value 80

Revocable donation to Ramon Magsaysay Foundation 1,000,000

Proceeds of life insurance from SSS 5,000,000
Benefits recevied under RA 4917 500,000
Transfers in Contemplation of Death 2,000,000
Donation to Government 1,000,000

Decedent sold a real property classified as capital asset to his son

Two months prior his death
Selling price paid by the son 100,000
FMV at the date of sale 2,500,000
FMV at the date of death 3,000,000

Account Receivable from Don Mon 160,000

Don Mon was declared insolvent by the court
Don Mons Liabilities 400,000
Don mons Assets 50,000

Condo Unit in Makati as Fiduciary Heir 5,000,000

Cash as bequest to UP directly and exclusively for educational purposes 2,000,000
Medical expenses during the decdent's sickness paid
out of the decdenet's cash available at the date of death 45,000
Expenses during the wake period out of the decdent's cash 85,000
Memorial plan already paid 40,000

Philippine judicial proceedings fees paid 80,000

The Grocery store in Baclaran was rage by fire after death
but compensated by insurance up to 60%
and a scrap value of 100,000

Unpaid mortgage on apartment property 500,000

Accounts payable condoned by the creditors 200,000

Medical Expenses Incurred

December 2004 to March 2005 100,000
During November 2004 450,000
January to October 2004 150,000
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1. How much is the total investment in stocks included in Gross Estate?
2. How much real properties included in gross estate?
3. What would be the amount included in the gross estate from sale for inadequate consideration?
4. How much would be the deductible funeral expense?
5. How much is the vanishing deduction?
6. How much is the total gross estate?
7. How much is the total ordinary deductions?
8. How much is the total special deductions?
9. How much is the total allowable deductions for the gross estate?
10. How much is the net taxable estate?