2.

Family Home in PH
Parcel Land with house in Malaysia
Farm Land in Ph with mortgage for 600,000
Share of stock of a domestic corporation
Share of stock of a foreign corporation, entire business is in the PH
Receivable from a friend who as no property
Receivables under the following insurance policies
Life insurance, taken by decedent,with his estate as revocable
Life insurance, taken by decedent, with his daughter as revocable
Life insurance, taken by decedent, with his son as irrevocable
Life insurance (group), taken by employer, with the estate as revocable
Resident Resident Non-resident alien Non-resident alien
Citizen Alien with reciprocity without reciprocity
8,000,000 8,000,000 8,000,000 8,000,000
5,000,000 5,000,000 - -
3,000,000 3,000,000 3,000,000 3,000,000
2,000,000 2,000,000 2,000,000
500,000 500,000 500,000
300,000 300,000 300,000

200,000 200,000 200,000

300,000 300,000 300,000
- -
- -
19,300,000 19,300,000 11,000,000 14,300,000
2.2
Juan (P25,000/sq.m. x 1,000 sq.m.) 25,000,000
Pedro Zonal Value P18,000,000 18,000,000
Maria (P15,000/sq.m. x 1,000 sq.m.) 15,000,000
58,000,000
2.3
Frozen Company
(((800,000 shares xP10) + P3,000,000) / 800,000 shares x 100,000 shares) 1,375,000
Divergent Company
(P15 x 100,000 shares) 1,500,000
Lenovo Company
(P12 x 100,000 shares) 1,200,000
4,075,000
 2.4
1 230,000 Assessor's office
2 1,100,000 (P1,000,000 cost aquired + P100,000 consideration)
3 0 Full Consideration
4 5,000,000 Price at the time of death
5 1,150,000 1,000,000 + (1,000,000 x 10% x 1.5)

Exercise A
1 Included
2 Included
3 Excluded
4 Included
5 Excluded
6 Excluded

Exercise B
1 0 Valid Sale
2 0 Valid Sale
3 0 Valid Sale
4 4,000,000 (FMV at the time of death - Consideration Received)
5 6,000,000 (FMV at the time of death)
Exercise C
1 10,000,000
2 20,000,000
3 5,000,000
4 10,000,000
5 0 Irrevocable

NUMBER ANSWER NUMBER ANSWER

1 T 11 F
2 T 12 T
3 T 13 T
4 F 14 F
5 F 15 F
6 F 16 T
7 F 17 T
8 F 18 F
9 T 19 T
10 T 20 F
NUMBER ANSWER NUMBER ANSWER NUMBER ANSWER
1 A 11 D 21 A
2 B 12 A 22 B
3 D 13 C 23 A
4 B 14 D 24 C
5 C 15 C 25 C
6 C 16 C 26 C
7 A 17 D 27 D
8 A 18 A 28 B
9 A 19 D 29 C
10 B 20 B 30 B

Solution
20
Common Stocks, Sunchamp Corporation, Listed
(2,000 shares x (Highest - P40 + Lowest - P39 / 2))
Common Stocks, AgriNurture Corporation , Not Listed
(1,500 shares x P45 book value)
Preferred Stocks , Greenergy Inc. , Not Listed
(3,000 shares x P50 par value)
Car
FMV - P400,000
Real properties
Higher value (Zonal) - P120,000

21
Bank deposit in the foreign branch of Domestic Bank
Bank deposit in the Makati branch of Foreign Bank
Shares of stock issued by domestic corp (cert kep in Canada)
Franchise exercised in Manila
Receivable, debtor from Mindanao

22
House and Lot, Family home in QC
Bank deposit in the Makati branch of Foreign Bank
Shares of stock issued by domestic corp (cert kep in Canada)
Franchise exercised in Manila
Receivable, debtor from Mindanao

23
House and Lot, USA
 Mansion, Philippines
Cars, Philippines
Shares of stock, Singapore
Accounts Receivable, USA

24
Shares of Stocks, Domestic Corp (cert kept in UK)
Shares of Stocks, Domestic Corp (cert kept in Phils.)
Franchise exercised in the Phils.
Receivables, debtor is from Phils.

25
Land and Building, PH
House and Lot, PH
Shares of Stocks, Domestic Corp (cert kept in UK)
Shares of Stocks, Domestic Corp (cert kept in Phils.)
Franchise exercised in the Phils.
Receivables, debtor is from Phils.

31
Capital Stock, XYZ Corp
Add: Retained Earnings
Total Shareholder's Equity
Divide: Outstanding shares
Book Value per share
Multiply: Common shares

32
Capital Stock, XYZ Corp
Divide: Outstanding shares
Book Value per share
Multiply: Common shares

33 Average value at the time of death

Multiply: Common shares

34 Average value at the time of death (140+80/2)

Multiply: Common shares
42 Land
Shares of Stock
Vintage car
Painting
NUMBER ANSWER NUMBER ANSWER NUMBER ANSWER
31 B 41 B 51 C
32 A 42 B 52 C
33 A 43 B 53 B
34 B 44 C 54 D
35 D 45 C 55 C
36 C 46 C 56 C
37 B 47 B 57 A
38 C 48 D 58 A
39 C 49 D 59 A
40 C 50 C 60 A

79,000

67,500

150,000

400,000

120,000
816,500

500,000
300,000
1,000,000
800,000
200,000
2,800,000

1,500,000
300,000
1,000,000
800,000
200,000
3,800,000

10,000,000
50,000,000
2,000,000
5,000,000
3,000,000
70,000,000

250,000
100,000
200,000
50,000
600,000

2,000,000
3,500,000
250,000
100,000
200,000
50,000
6,100,000

10,000,000
2,000,000
12,000,000
100,000
120
1,000
120,000

10,000,000
100,000
100
1,000
100,000

100
1,000
100,000

110
1,000
110,000

-
-
50,000
250,000
300,000
NUMBER ANSWER
61 C
62 D
63 B
64 C
65 C
66 D
67 C
68 A
69 D
70 D