ReSA: The Review School of Accountancy : 4. Transfer of inherited shares, rights or bonds; | thdrawal from decedent's bank deposit (except when the amount does not exceed | N. Integrative Long Case N ruz died intestate on September 30, 2008, He was | were under conjugal partnership of gains. He left the following properties situated in the Philippines Land (900 sq. m.) inherited form Jhe decedent's father who died on June 15, 2004; FMV per tax declaration, 1,900,000; zonal value, P3,000 er sq. m.; Car inherited from the decedent's father, FMY, P500,000; Cost, P700,000; “1M Jewelry acquired before marriage, F MV, P100,000; House and lot acquired during the marriage (family home), FMV, P4,100,000; assessed value, P3;300,000; Household furniture and appliances acquired during the marriage, FMV, P500,000; Other personal properties including cash (mode of acquisition unknown), FMV, P1,800,000. seh o He and his wife also owned a real property in USA valued at P1,500,000. Ithad an unpaid mortgage of P300,000 at the time of death. The estate of Mr. Cruz paid P20,000 estate tax to the US Government. Ble deren dered stelocins os i gee antag te "ips ‘Actual fyporal expenses (50% paid by relatives), Pa80,000; hedital expenses incugua up to March 3, 2008 100,000 Unpaid realty tax on inherited land for the,Jast quarter of 2008, 250,000; fewelry acquired before marriage, lost on December 24, 2008 due to theft, P30,000 Other claims against the conjugal properties, P500,000;6 Claims against insolvent persons, P50,000" Transfer to Quezon City for public purpose, PIO6000; Me | expenses, P520,000. oe ‘The estate of the decedent's father paid the estate on the land at the fair market value of P2,500,000 and on the car, P700,000. During the marriage, Mr. F. Cruz. mortgaged the inherited land for P700,000 for the benefit of the family He paid P350,000 before he died. How much was the Philippine taxable net estate and the estate tax payable after tax END THOT: “Never underestimate your ability to achieve your goal. You are made to succeed.”- Tamthewise