Information:

Ricardo
Filipino residing in Iloilo City
died July 5, 2021
survived by a wife and 2 sons

Exclusive Communal
All located in Iloilo City
Commercial Building (subject to unpaid bank mortgage of 5M) 25,000,000
Residential Building located in Iloilo City 15,000,000
House and Lot used as family home 7,000,000
Parcel of Land, to be donated to the city gov't. 7,500,000
Various Receivables from Ricardo's debtors ( 1M uncollectible) 5,000,000
Cash 4,500,000
Gross Estate 15,000,000 49,000,000
Less: Ordinary Deductions
Unpaid Bank Mortgage -5,000,000
Various Payables to Ricardo's Creditors -2,500,000
Claims against insolvent persons -1,000,000
Transfer for Public Use -7,500,000
Allowable Vanishing Deduction -4,500,000
Estate after Ordinary Deductions 10,500,000 33,000,000
Less: Share of the Surviving Spouse (33M/2) - -16,500,000
Estate before Special Deductions 10,500,000 16,500,000
Less. Special Deductions
Family Home
Standard Deduction
Net Estate

Estate Tax Due and Payable

Additional Information:
Residential bldg. obtained through succession from Ricardo's father, who died on March 15, 2018.
Unpaid bank mortgage of 5M
Various Payables to Ricardo's creditors 2.5M
Total

25,000,000
15,000,000
7,000,000
7,500,000
5,000,000
4,500,000
64,000,000

-5000000
-2500000 Vanishing Deduction
-1000000 Value of Residential bldg. 15,000,000
-7500000 Less: Mortgage paid -
-4500000 Initial Basis 15,000,000
43,500,000 Less: Proportional Deduction -3,750,400
-16,500,000 Final Basis 11,249,600
27,000,000 VD Rate 40%
Allowable Vanishing Deduction 4,499,840 / 4.5M round-off
-7,000,000
-5,000,000 Proportional Deduction:
15,000,000 15,000,000
x 6% 64,000,000
900,000

0.2344 Proportional Deduction Rate

x 16,000,000 Total Ordinary Deductions
3,750,400

VD Rate:
March 15, 2018- July 5,2021
3 years and 3 mos.
40%
/ 4.5M round-off