Cash in Bank- Peso Accounts 5,000,000

Cash in Ban- FCDU Accounts 8,000,000

Parcel of Land Makati 15,000,000
Resthouse - Palawan 12,000,000
Real Properties Abroad 14,000,000
Total Gross Estate 54,000,000

Deduction for Unpaid Mortgage 10,000,000

Notes Payable- Notarized 400,000

Unpaid Property Taxes before his death 300,000
Unpaid Property Taxes on his property before his death 100,000
Claims Against the Estate 800,000

House and Lot in Plaawan 3,000,000

Reduction in Value due to incident 2,700,000
Allowable Deduction from the Gross Estate 300,000

Mortgaged of Land 5,000,000

House and Lot Camiguin- completely damaged 10,000,000
Loss incurred due to the typhoon incident 2,000,000
Total Allowable Deductions 17,000,000

Salary Loan 700,000

Note Payable, Notarized 200,000
Unpaid Business Tax- January-April 30 50,000
Unpaid Donor's Tax- Current Year 30,000
Unpaid Mortgage before death 150,000
Total Allowable Deductions 1,130,000

Salary Loan 800,000

Unpaid Donor's Tax- Current Year 30,000
Unpaid Mortgage before death 150,000
Total Allowable Deductions 980,000

Value to Take 12,000,000

1st Deduction 1,000,000
Initial Basis 11,000,000
Less:
Initial Basis 11,000,000
FV of the property 15,000,000
Other Properties of Mario 25,000,000
Total Gross Estate 40,000,000
Total 28%
 Transfer for Public Purpose 5,000,000
2nd Deduction 1,375,000
Final Basis 9,625,000
Vanishing Rate 20%
Vanishing Deductions 1,925,000

Value to Take 12,000,000

1st Deduction -
Initial Basis 12,000,000
Less:
Initial Basis 12,000,000
FV of the property 15,000,000
Other Properties of Mario 25,000,000
Total Gross Estate 40,000,000
Total 30%
Transfer for Public Purpose 5,000,000
2nd Deduction 1,500,000
Final Basis 10,500,000
Vanishing Rate 20%
Vanishing Deductions 2,100,000

Vanishing Deductions- Tax was not paid 0

Value to Take 12,000,000

1st Deduction -
Initial Basis 12,000,000
Less:
Initial Basis 12,000,000
FV of the property 12,000,000
Other Properties of Mario 25,000,000
Total Gross Estate 37,000,000
Total 32%
Transfer for Public Purpose 5,000,000
2nd Deduction 1,621,622
Final Basis 10,378,378
Vanishing Rate 80%
Vanishing Deductions 8,302,703

Inherited Property- 6 years ago 0

Condominium Unit in BGC 5,000,000

Jewelries received as gift- Sep. 12, 2018 1,500,000
Car in Manila, Philippines 1,500,000
Claims Against Insolvent Persons 1,000,000
Total Gross Estate 9,000,000
Ordinary Deductions
Gross Estate, Philippines 9,000,000
Gross Estate, World 20,000,000
Total 45%
LITe (CAIP and CAE) 1,400,000
630,000
Initial Basis/Value to Take 1,500,000
Initial Basis/Value to Take 1,500,000
Total Gross Estate 9,000,000
Total 17%
Transfer for Public Purpose 630,000
2nd Deduction 105,000
Final Basis 1,395,000
Vanishing Rate 20%
Vanishing Deductions 279,000
Special Deductions
Standard Deductions 500,000
Taxable Net Estate 7,591,000
Net Taxable Estate, Philippines 10,000,000
Net Taxable Estate, Australia 7,000,000
Net Taxable Estate, USA 2,000,000
Total Net Taxable Estate, World 19,000,000
Estate Tax Rate 6%
Estate Tax Due 1,140,000
Less: Estate Tax Credit 100,000
Estate Tax Payable 1,040,000

Limit Actual Limit Actual Allowed

Australia- 7/19 * 1,140,000 420,000 300,000 300,000
USA- 2/19 * 1,140,000 120,000 100,000 100,000

All- 9/19 * 1,140,000 540,000 400,000 400,000

Land
Zonal Value- higher 1,200,000
Car
Market Value 700,000
Preference Shares of Plants Gardening Supplies Inc.
3,000 shares * par value P80 (not listed) 240,000
Ordinary Shares of Plant a Seed Inc.
2,000 shares * book value P110 (not listed) 150,000
Ordinary Shares of Organic Corp.
1,000 shares * [ ( 60+40 ) / 2 ] - listed 50,000
Total Gross Estate of Mario 2,340,000

Value of Piece of Land

Zonal Value- Februrary 28, 2021 (higher) 4,000,000

Ordinary Shares of Fresh Water Supplies Inc.

6,000 shares * [ ( 800 + 600 ) / 2 ] - traded/listed 4,200,000

Shares of Stock in a foreign coproration with 85% operations in Philippines 600,000

Car in Palawan, Philippines - Market Value 500,000
Raw Land in Palawan, Philippines 2,500,000
Total Gross Estate 3,600,000

Car in Palawan, Philippines - Market Value 400,000

Land in Quezon, Philippines 1,500,000
Total Gross Estate without reciprocity 1,900,000

Car in Palawan, Philippines - Market Value 1,000,000

Land in Quezon, Philippines 2,500,000
Total Gross Estate with reciprocity 3,500,000

Market Value at the time of death 4,000,000

Selling Price 3,000,000
Difference - Amount Added to Gross Estate 1,000,000

Market Value at the time of death 4,000,000

Selling Price 3,000,000
Difference - Amount Added to Gross Estate 1,000,000

Consideration Fictitious
Value at the time of death 4,800,000

Car in Palawan, Philippines - Market Value 400,000

Land in Quezon, Philippines 1,500,000
Total Gross Estate with reciprocity 1,900,000