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    Gio - Estate Tax

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    Nico Quebal
    The document details the estate valuation of an individual, listing assets like a house and lot valued at 40 million pesos, a farm lot valued at 10 million pesos, and retirement pay of 300,000 pesos for a total gross estate of 50.3 million pesos. Ordinary deductions include an unpaid mortgage of 20 million pesos and the transfer of the farm lot for public use, bringing the net conjugal estate to 20 million pesos. After applying a standard deduction of 5 million pesos and deducting the surviving spouse's share of 7.5 million pesos, the net taxable estate is 7.5 million pesos with an estate tax due of 450,000 pesos.

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    Gio - Estate Tax

    Uploaded by

    Nico Quebal
    36 views1 page
    The document details the estate valuation of an individual, listing assets like a house and lot valued at 40 million pesos, a farm lot valued at 10 million pesos, and retirement pay of 300,000 pesos for a total gross estate of 50.3 million pesos. Ordinary deductions include an unpaid mortgage of 20 million pesos and the transfer of the farm lot for public use, bringing the net conjugal estate to 20 million pesos. After applying a standard deduction of 5 million pesos and deducting the surviving spouse's share of 7.5 million pesos, the net taxable estate is 7.5 million pesos with an estate tax due of 450,000 pesos.

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    Gio - estate tax

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    The document details the estate valuation of an individual, listing assets like a house and lot valued at 40 million pesos, a farm lot valued at 10 million pesos, and retirement pay of 300,000 pesos for a total gross estate of 50.3 million pesos. Ordinary deductions include an unpaid mortgage of 20 million pesos and the transfer of the farm lot for public use, bringing the net conjugal estate to 20 million pesos. After applying a standard deduction of 5 million pesos and deducting the surviving spouse's share of 7.5 million pesos, the net taxable estate is 7.5 million pesos with an estate tax due of 450,000 pesos.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    36 views1 page

    Gio - Estate Tax

    Uploaded by

    Nico Quebal
    The document details the estate valuation of an individual, listing assets like a house and lot valued at 40 million pesos, a farm lot valued at 10 million pesos, and retirement pay of 300,000 pesos for a total gross estate of 50.3 million pesos. Ordinary deductions include an unpaid mortgage of 20 million pesos and the transfer of the farm lot for public use, bringing the net conjugal estate to 20 million pesos. After applying a standard deduction of 5 million pesos and deducting the surviving spouse's share of 7.5 million pesos, the net taxable estate is 7.5 million pesos with an estate tax due of 450,000 pesos.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 1

    Exclusive Conjugal Total:

    Family Home* n/a n/a


    House and Lot** 40,000,000.00 40,000,000.00
    Value of the Bus*** n/a n/a
    Value of the farm lot 10,000,000.00 10,000,000.00
    Retirement pay 300,000.00 300,000.00
    SSS and PAGIBIG Benefits**** n/a n/a
    Personal Properties 0.00 0.00
    GROSS ESTATE 50,300,000.00 50,300,000.00
    Less: Ordinary deductions
    Unpaid mortgage 20,000,000.00 20,000,000.00
    Transfer for public use (farm lot) 10,000,000.00 10,000,000.00
    Retirement pay 300,000.00 300,000.00
    30,300,000.00 30,300,000.00
    Net Conjugal Estate 20,000,000.00 20,000,000.00
    Less: Special Deductions
    Standard Deduction 5,000,000.00
    Family Home n/a
    Total Deductions: 5,000,000.00
    Net Estate 15,000,000.00
    Less: Share of Surviving Spouse 7,500,000.00
    NET TAXABLE ESTATE 7,500,000.00
    ESTATE TAX DUE (6%) 450,000.00

    *Not deductible if there is no actual and duly certified FH;


    ** The value is whichver is higher between the FMV per TD or the BIR Zonal Value
    *** Exempt from estate tax under Sec 87 of NIRC, hence should not be included in gross estate
    **** Exempt from estate tax per jurisprudence, hence should not be included in gross estate

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