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Vanishing Deductions in Estate Calculation

The document shows calculations for the gross estate, deductions, and net taxable estate of a deceased person. It lists exclusive and conjugal properties and their values. It then calculates total deductions including vanishing deductions, standard deductions, and half of the conjugal estate. This gives the net taxable estate.

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Anonymous JiiHPiQmi
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28 views2 pages

Vanishing Deductions in Estate Calculation

The document shows calculations for the gross estate, deductions, and net taxable estate of a deceased person. It lists exclusive and conjugal properties and their values. It then calculates total deductions including vanishing deductions, standard deductions, and half of the conjugal estate. This gives the net taxable estate.

Uploaded by

Anonymous JiiHPiQmi
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.

Problem #3 Exclusive Conjugal Total

Conjugal Properties
Personal Preporties 1,300,000.00
Apartmet & Lot 1,000,000.00 2300000
Exclusive Properties
Land 100,000.00
Jeep 20,000.00
San Miguel Shares 300,000.00 420,000.00
Gross estate 420,000.00 2,300,000.00 2,720,000.00
Less:Conjugal deductions
Funeral Expenses (50,000.00) (50,000.00)
Unpaid mortgage (A&L) (70,000.00) (70,000.00)
Total Conjugal deductions (120,000.00) (120,000.00)
Net Conjugal estate 2,180,000.00
Exclusve deductons:
Vanishing deductions (30,588.00) (30,588.00)
Special deductions:
Standard Deductions (1,000,000.00)
Total deductions (1,150,588.00)
Net estate 1,569,412.00
Less: 1/2 share of SS
Conjugal Property 2,300,000.00
Conjugal deductions (120,000.00)
Net Conjugal Estate 2,180,000.00
/2 (1,090,000.00)
Net Taxable Estate 479,412.00

Vanishing deductions
Value taken of PPT (50,000+20,000) P70,000
Less: Mortgage paid (30,000)
Initial basis 40,000

40,000 x120,000 = 1,765


2,720,000 38,235 x 80% = 30,588
Problem #3 (2) Exclusive Conjugal Total
Conjugal Properties
Personal Preporties 1,300,000.00
Apartmet & Lot 1,000,000.00 2300000
Exclusive Properties
Land 100,000.00
Jeep 20,000.00
San Miguel Shares 300,000.00 420,000.00
Gross estate 420,000.00 2,300,000.00 2,720,000.00
Less:Conjugal deductions
Funeral Expenses (50,000.00) (50,000.00)
Unpaid mortgage (A&L) (70,000.00) (70,000.00)
Total Conjugal deductions (120,000.00) (120,000.00)
Net Conjugal estate 2,180,000.00
Exclusve deductons:
Unpaid Mortgage (land) (10,000.00) (10,000.00)
Vanishing deductions (38,088.00) (38,088.00)
Special deductions:
Standard Deductions (1,000,000.00)
Total deductions (1,168,088.00)
Net estate 1,551,912.00
Less: 1/2 share of SS

Conjugal Property 2,300,000.00

Conjugal deductions (120,000.00)

Net Conjugal Estate 2,180,000.00


/2 (1,090,000.00)
Net Taxable Estate 461,912.00

Vanishing deductions
Value taken of PPT (50,000+20,000) P70,000
Less: Mortgage paid (20,000)
Initial basis 50,000

50,000 x130,000 = 2,390 2,390


2,720,000 47,610 x 80% = 38,088

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