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03 chapter 4 deductions from gross estate part 03

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03 chapter 4 deductions from gross estate part 03

  1. 1. Taxation 2 │ DEDUCTIONS FROM GROSS ESTATE FLABERT VILLASENCIO, CPA Notre Dame of Dadiangas University
  2. 2. ORDINARY SPECIAL Expense sLosses Indebtedness Taxes Transfer for public use Amount received by heir under RA 4917 Vanishing deductions Share of surviving spouse Funeral Judicial Claims against the estate Claims against insolvent person Family home Medical Expenses Standard deduction      
  3. 3. Amount Received Under RA 4917 oRefers to the amount received by heirs as a retirement benefit of the decedent oTo be Deductible: oHas been in the service for the same employer for at least 10 years oNot less than 50 years of age oAvailed only once
  4. 4. Share of the Surviving Spouse (Communal or Conjugal Properties Net Estate) x 50%
  5. 5. Special Deductions 1. Family Home oThe dwelling house including the land to where it is located oFMV of the Family Home (Gross Estate) oFMV of the Family Home vs 1,000,000 (Deductions) oExcess subject to Estate Tax oExclusive Property taken up at 100% oConjugal Property taken up at 50%
  6. 6. Special Deductions 1. Family Home Illustration: Residential Lot (Conjugal) 2,300,000 Residential House (Exclusive) 800,000 How much is deductible? Residential Lot 1,150,000 Residential House 800,000 Family Home 1,950,000 Deductible 1,000,000
  7. 7. Special Deductions 2. Medical Expense oNot exceeding 500,000 can be claimed oIn excess of 500,000 can no longer be deducted oThe expenses must have been incurred within one year prior to death
  8. 8. Special Deductions 3.Standard Deduction oAmounts to 1,000,000 oNo need of substantiation oAny Citizen and Resident
  9. 9. Allocations of Deductions oIf the total amount exceeds the statutory limit, the basis is TOTAL AMOUNT oIf no means to trace the deduction, the basis will be the total gross estate
  10. 10. Non Resident Alien Decedent oAllowed Deductions oELIT oAllowable Deduction= World ELIT x (PGE/TGE) oTransfer for Public Use oVanishing Deductions
  11. 11. SEATWORK: (1/2 CW) 4-35 4-42 4-36 4-43 4-38 4-44 4-39 4-45 4-40 4-46 #DO IT BY PAIR #SHOW YOUR SOLUTIONS #WRITE THE LETTER AND THE ANSWER OF YOUR CHOICE

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