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Gross Estate (20 items x 2 points: 1 point for each correct answer and 1 point for the solution) Choose the letter of the correct answer and provide a solution on the space provided. 1. The decedent owns 200,000 shares of Saint Peter Corporation, a listed company Date of Death Date of Interrent Book value per share P 23.50 P 23.55 Closing price P 48.20 P 49.50 Average trading price P 48.00 P 49.60 Which value of the 200,000 shares shall be included in the gross estate? a. P4,700,000 b. P9,600,000 c. P9,640,000 d. P9,900,000 2. The decedent has $2,000 in his possession at his death on November 02, 2x19. He was buried on November 12, 2x19. The following were the exchange rates: November 02, 2x19 P52.50 $ 1 November 02 to November 12, 2x19 average rate P 53.25: $1 November 12, 2x19 P 52.75 51 Which value of the $2,000 shall be included in the gross estate of the decedent? a PO b. P105,000 CP105,500 d. P106,500 3. Mrs. Amanda died on November 01, 2x18. An inventory of her properties was conducted for estate tax purposes on January 01, 20x19. On that date, she had properties with an aggregate fair value of P7,000,000. This amount includes income received by the estate since her death worth P300,000 and is net of expenses used during her funeral amounting to P600,000. Which of the following is the amount of gross estate? a P6,700,000 b. P7,000,000 c. P7,300,000 d P7,900,000 4. Mr. Ramon died, leaving the following properties Purchase Cost Car registered in his name P800,000 Family home 2,000,000 Other properties 400,000 Which of the following is the amount of gross estate? a. P2,750,000 b. P3,200,000 C. P5,750,000 Fair Value P 400,000 5,000,000 350,000 d. P6,200,000 5. Mr. Gary had the following properties with their respective fair values in his possession at the date of his death An agricultural land held in trust P 200,000 A car registered under the name of his brother P 800,000 Motorcycle 80,000 Residential lot 900 000 Other personal properties 70,000 Which of the following is the amount of gross estate? a P950,000 b. P1,050,000 C. P1,250,000 d. P1,550,000 Gross Estate (20 items x 2 points: 1 point for each correct answer and 1 point for the solution) Choose the letter of the correct answer and provide a solution on the space provided. 1. The decedent owns 200,000 shares of Saint Peter Corporation, a listed company Date of Death Date of Interrent Book value per share P 23.50 P 23.55 Closing price P 48.20 P 49.50 Average trading price P 48.00 P 49.60 Which value of the 200,000 shares shall be included in the gross estate? a. P4,700,000 b. P9,600,000 c. P9,640,000 d. P9,900,000 2. The decedent has $2,000 in his possession at his death on November 02, 2x19. He was buried on November 12, 2x19. The following were the exchange rates: November 02, 2x19 P52.50 $ 1 November 02 to November 12, 2x19 average rate P 53.25: $1 November 12, 2x19 P 52.75 51 Which value of the $2,000 shall be included in the gross estate of the decedent? a PO b. P105,000 CP105,500 d. P106,500 3. Mrs. Amanda died on November 01, 2x18. An inventory of her properties was conducted for estate tax purposes on January 01, 20x19. On that date, she had properties with an aggregate fair value of P7,000,000. This amount includes income received by the estate since her death worth P300,000 and is net of expenses used during her funeral amounting to P600,000. Which of the following is the amount of gross estate? a P6,700,000 b. P7,000,000 c. P7,300,000 d P7,900,000 4. Mr. Ramon died, leaving the following properties Purchase Cost Car registered in his name P800,000 Family home 2,000,000 Other properties 400,000 Which of the following is the amount of gross estate? a. P2,750,000 b. P3,200,000 C. P5,750,000 Fair Value P 400,000 5,000,000 350,000 d. P6,200,000 5. Mr. Gary had the following properties with their respective fair values in his possession at the date of his death An agricultural land held in trust P 200,000 A car registered under the name of his brother P 800,000 Motorcycle 80,000 Residential lot 900 000 Other personal properties 70,000 Which of the following is the amount of gross estate? a P950,000 b. P1,050,000 C. P1,250,000 d. P1,550,000

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