DIMACULANGAN, SHIELA MAE L.

BSA2-G1

PROBLEM 1

GROSS ESTATE
Parcel of land in Siem Reap, Cambodia 3,500,000
House and Lot in Quezon City (family home) 12,250,000
Shares of stock in a foreign corporation 1,125,000
Car in Siem Reap, Cambodia 1,312,500
Proceeds of life insurance, his son Junior as 1,250,000
the irrevocable beneficiary
Bank Deposit 1,125,000
Claims against insolvent persons 62,500

GROSS ESTATE 20,625,000

LESS: ALLOWABLE DEDUCTIONS

ORDINARY DEDUCTIONS
Claims against the estate 590,625
Claims against insolvent persons 62,500

SPECIAL DEDUCTIONS
Family home 10,000,000
Standard deduction 5,000,000

TOTAL DEDUCTIONS 15,653,125

NET TAXABLE ESTATE 4,971,875
Estate Tax Rate 6%

ESTATE TAX 298,312.50