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02 Chapter 3 01 Gross Estate Taxation 2

  1. 1. Taxation 2 │ GROSS ESTATE FLABERT VILLASENCIO, CPA Notre Dame of Dadiangas University
  2. 2. Learning Objectives ▪Define gross estate ▪Identify components of gross estate ▪Determine the value of gross estate ▪Identify some additions to the gross estate
  3. 3. Gross Estate ▪Consists of all property owned by a decedent at the time of his death excluding the exclusive properties of the surviving spouse
  4. 4. Components of Gross Estate ▪Real Properties –Immovable properties such as land, building, resort, etc. ▪Personal Properties –Franchises, shares, obligations or bonds issued by foreign corporation provided that… ▪ 85% is in the Philippines ▪ It acquired business situs in the Philippines ▪ It is established in the Philippines
  5. 5. Resident/ Citizen Non-resident (no reciprocity) Non-resident (with reciprocity) Real Properties Within Without Personal Properties Tangible- within Tangible-without Intangible- within Intangible- without                   Summary Components of Gross Estate
  6. 6. Vacation house in HK Land in Zamboanga House in Camarines Apartment in NY Car in HK Car in Phils Jewelries in NY Franchise, NY Franchise, HK Franchise, Phils A/R from Phils A/R from NY A/R from HK Investment, NY Investment, Phils Investment, HK Domestic Shares, Phils Domestic Shares, New York Foreign Shares, 90% in Phils Foreign Shares, 30% in Phils Foreign shares, 60% in Phils Compute for the gross estate: Resident or citizen, Non Resident (no reciprocity and with reciprocity) ………………………………………………………………………………….1,200,000 ……………………………………………………………………………………. 80,000 ………………………………………………………………………………. 3,000,000 ………………………………………………………………………………. 4,500,000 ……………………………………………………………………………………. 700,000 ……………………………………………………………………………………. 650,000 ……………………………………………………………………………………. 125,000 ……………………………………………………………………………………. 300,000 ……………………………………………………………………………………. 260,000 ……………………………………………………………………………………. 380,000 ……………………………………………………………………………………. 275,000 ……………………………………………………………………………………. 240,000 ……………………………………………………………………………………. 385,000 ……………………………………………………………………………………. 730,000 ……………………………………………………………………………………. 300,000 ……………………………………………………………………………………. 245,000 ……………………………………………………………………………………. 140,000 ……………………………………………………………………………………. 250,000 ……………………………………………………………………………………. 100,000 ……………………………………………………………………………………. 270,000 ……………………………………………………………………………………. 425,000
  7. 7. Answers Resident/Citizen- P14,555,000 Non-resident (no reciprocity) 4,925,000 Non-resident (with reciprocity) 3,730,000
  8. 8. Valuation of Gross Estate ▪ Real & Personal Property- o FMV at the time of death whichever is higher. FMV of land P1,200,000 Cost of land 1, 000,000 FMV of BIR 1,400,000 What will be the valuation of the land? Answer: FMV of BIR, P1,400,000 ▪ Stocks, bonds & other securities o If Listed In PSE, get the average of highest and lowest of the SP x shares. o If not listed in PSE, for common stock-BV, for preferred stock, par value
  9. 9. Additions to Gross Estate 1. Revocable Transfer  transfers of property with the retention or reservation of rights over the property while he still lives. Subject to a right of Revoke. Land, P500,000 QUESTION: Upon death, is the transfer part of his GROSS ESTATE?
  10. 10. 2. Transfers in contemplation of death properties that are not physically available in the estate at the time of death in anticipation of his death. Property QUESTION: Is the transfer part of his gross estate? Additions to Gross Estate
  11. 11. 3. Property passing under GPA- power of appointment is the right to designate by will or deed the person who will received the property. Property with a clause that She is free to transfer it to anybody. QUESTION: is the appointment part of his gross estate? Additions to Gross Estate
  12. 12. 4. Decedent’s Interest- dividends, profits, proceeds in any insurance, right of usufruct. Additions to Gross Estate
  13. 13. 5. Proceeds Of Life Insurance with revocable beneficiary, administrator or his executor. P 1,500,000 QUESTION: is the proceeds part of his gross estate? Additions to Gross Estate
  14. 14. 6. Transfers for insufficient consideration Land of P1,500,000 For P200,000 QUESTION: is the transfer part of his gross estate? How much? Additions to Gross Estate
  15. 15. 7. Claims against insolvent person 8. Amount received by heirs under RA 4917 Additions to Gross Estate

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