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