1.

A citizen and resident of the Philippines died leaving the following properties and rights:
Cash on hand and in banks 1,000,000
Real property in the Philippines:
Assessed value per assessment rolls of the City 100,000
Zonal value per Bureau of Internal Revenue 500,000
Selling price of adjacent piece of land the day preceding the
date of death 600,000
real property abroad ,fair market value 450,000
Car in the philippines, with a mortgage of P200,000 400,000
Recievables:
From a friends from whom there is no possibility of recovery 20,000
From a sister whose ratio of assest to liabilities is 1:3 15,000
Amount under insurance contacts:
Receivable under life insurance, with the father as revocable
Beneficiary 250,000
Recievable under life insurance, with the mother as
irrevocable beneficiary 200,000
Recevable under accident insurance, for accident that
Happened one year ago 50,000
Receivable under property insurance, f or damaged caused to to
His car 12,000
Revocable transfer:
To sister (fair market value at the time of transfer was
P40,000 and consideration received was P10,000) 50,000
To father (fair market value at the time of transfer was
P30,000 and consideration received was P30,000) 60,000
To mother (fair market value was P40,000 and consideration
received was P50,000) 70,000
The gross estate is:

A resident citizen died with properties constituting his gross estate of 8,000,000. Actual funeral
expenses amounting to 220,000 and claims against the estate amounted to 1,200,000.
2. The allowable deducton for funeral expenses is:
3. The taxable net estate is:
4. The distributable estate was diminished by:

5. A revocable transfer with a consideration received:

Consideration received 200,000
Fair market value of property at the time of transfer 300,000
Fair market value of property at the time of death 250,000
Value to include in the gross estate is: