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Andres, Joann C.

Atty. Jose Fernando Llave


TAX02 IRRC

Mr. Damon Salvatore died on Nov. 13, 2013 due to a lung cancer. He is a resident citizen of the
Philippines. Mr. Salvatore is married to Elena in 1995 and he has a legitimate child and an
illegitimate child. Elena presented the following properties of Mr. Salvatore:

Residential house and lot


*Apartment he inherited from his father 2 years ago
Rent income from the apartment
Property brought to marriage by his wife
Jewelry acquired by the decedent before marriage
CAR inherited by his wife during marriage
Vacation house acquired during marriage
Life insurance with estate as revocable beneficiary

8,000,000
5,000,000
300,000
2,000,000
300,000
2,000,000
6,000,000
500,000

**The inherited apartment has an unpaid mortgage worth 600,000

Elena also showed the following deductions:

Paid funeral expenses


Unpaid judicial expenses
Donations to National Government
Claims against insolvent person
Unpaid mortgage on inherited apartment

240,000
300,000
2,500,000
2,000,000
600,000

Prior to the death of Mr. Salvatore, he was hospitalized in WALANG PAG-ASA HOSPITAL for 6
months from March 6, 2013 to August 28, 2013. They incurred the following:

Medicine
Doctors fee
Foods

320,000
200,000
90,000

Andres, Joann C.
Atty. Jose Fernando Llave
TAX02 IRRC

OBITUARY
A noble and caring soul a pleasing assiduous and dynamic personality like you will
never depart from loved ones. It is a known fact that you have always been a

shining and guiding force for all of us. We promise you that we will follow the
path shown by you. Your virtues and deeds shall
always be a beacon light in our hearts. We miss you
a lot in every moment of our life. We offer our
heartfelt condolences.
Deeply remembered by:
Elena Salvatore (wife)
Stefan Salvatore (brother)
Caroline Salvatore (daughter)
Bonnie Salvatore (daughter)
Damon Salvatore

Andres, Joann C.
Atty. Jose Fernando Llave
TAX02 IRRC

CPA Certificate
In order to comply with estate tax rulings and to procure BIR Clearance, we hereby issue this
CPA statement on the itemized assets of the decedent, itemized deductions from gross estate
and the amount due.

Properties:
1.
2.
3.
4.
5.
6.
7.

Residential house and lot


Apartment he inherited from his father during marriage
Rent income from the apartment
Property brought to marriage by his wife
CAR inherited by his wife during marriage
Vacation house acquired during marriage
Life insurance with estate as revocable beneficiary

8,000,000
5,000,000
300,000
2,000,000
2,000,000
6,000,000
500,000

Expenses and Obligations:

1.
2.
3.
4.
5.
6.

Paid funeral expenses


Unpaid judicial expenses
Donations to National Government
Claims against insolvent person
Unpaid mortgage on inherited apartment
Medical Expense

Exclusive

240,000
300,000
2,500,000
2,000,000
600,000
500,000

Community

Total

Andres, Joann C.
Atty. Jose Fernando Llave
TAX02 IRRC

Residential house and lot (family home)


Apartment
Income from Apartment
Jewelry
Property brought by wife during marriage
Vacation House
Life insurance
Claims against insolvent
Gross Estate
Less: Ordinary Deductions
EILTE:
Funeral Expense
Judicial Expense
Paid Mortgage (apartment)
Claims against insolvent debtor
Transfer for Public use
Vanishing deduction
Total Ordinary Deduction
Net Estate before Special Deduction
Less: Special Deductions
Standard Deduction
Family Home
Medical Expenses
Total Special Deductions
Net Estate before share of Spouse
Less: Share of Surviving Spouse
Net Taxable Estate

P8,000,000
5,000,000
300,000
300,000
2,000,000
6,000,000
500,000
____________2,000,000_______
7,300,000
16,800,000 24,100,000

240,000
300,000
600,000
2,000,000
2,500,000
2,702,074.69
5,802,074.69
1,497,925.31

2,540,000 8,324.074.69
14,260,000 15,757,925.69

Supporting Computation for Vanishing Deduction

Value taken

P 5,000,000

1,000,000
1,000,000
500,000
2,500,000
13,257,925.69
7,130,000
6,127,925.69

Andres, Joann C.
Atty. Jose Fernando Llave
TAX02 IRRC

Less: Mortgage paid

600,000

Initial Basis

4,400,000

Less: Proportionate deduction


4,400,000
___________ x 5,600,000

1,022,406.64

24,100,000
Final Basis
Level of vanishing
Vanishing Deduction

3,377,593.36
80%
2,702,074.69

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