Taxation Straight Problem No. 1: Pangako Sa’Yo Ending

101515-PSY_EPSKanina, natalakay na natin noon kung ano nga ba ang palagay natin sa dahilan ng pagkawala ni Claudia Buenavista. Tama nga ang isa sa mga hinala natin – na tinulungan siya ni Simon bago pa man nangyari ang naturang pagsabog sa kotse. Ngayon, alam na natin na nagbabalik na siya, at kahit na nakakulong, may himalang dumating sa kanya. Ang resulta, nakatakas na siya sa kulungan.

Ipagpalagay natin na namatay si Eduardo Buenavista sa pagtatapos ng Pangako Sa’Yo. Ngayon, lumapit sa iyo ang abogado ni Eduardo Buenavista upang ayusin ang kanyang mga naiwang pag-aari. Ano ang gagawin mo? Paano mo matutulungan ang kanyang pamilya upang ipamahagi nang maayos sa mga karapat-dapat na tao ang kanyang mga ari-arian? Solve this problem using all the concepts that you learned in Taxation:

Eduardo Buenavista died last February 12, 2016. The inventory of his properties are as follows:

House and lot, inherited from his father last July 7, 2014 2,700,000
Family home in Makati 1,617,000
House and lot, Lipa City, with unpaid mortgage of 300,000, not specifically included in conjugal property 1,500,000
Exclusive Property, Spain 500,000
Conjugal Property, France 600,000
Conjugal Property, Italy 400,000
Proceeds of life insurance, premiums paid by Claudia Buenavista during their marriage 360,000
Claudia’s jewelry 75,000
Other exclusive property 700,000

 

Other expenses claimed by the estate of Eduardo Buenavista are as follows:

Funeral Expenses 196,000
Judicial Expenses 227,500
Government transfers to Municipal Government of Taal, Batangas 530,000
Medical Expenses 346,000
Claims against the estate 15,000

 

Actual Estate Tax Paid:

Spain 20,000
France 35,000
Italy 17,000

Required:

  1. Compute for the estate tax due. Show supporting computations.
  2. When will be the period for the estate to file and pay the estate tax?
  3. Prepare Estate Tax Return of Eduardo Buenavista using manual or electronic BIR Forms.

Discussion Questions

  1. Suppose the estate tax was filed and paid already. Eduardo Buenavista, in his will, provided that his estate be distributed in accordance with the corresponding legitime, and all of the free portion will be distributed equally among his sons Angelo, Yna, and Lia. (Assume that Angelo knew already that he’s the son of Simon.) How much will be the share of Eduardo’s estate of the following:
    1. Angelo
    2. Yna
    3. Lia
    4. Claudia
    5. Amor Powers
    6. Nanay Belen
  2. Same question, this time assuming Eduardo died intestate.

ABANGAN: Review sa Final Episode ng Pangako Sa’Yo.


Featured Image Credit: Angelo Buenavista and Yna Macaspac.

 

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