Problem Gross estate, tangibles and intangibles, life insurance, claims against insolvent persons, reciprocity
Mr Mabuhay died on June A with the following properties, rights and claims at the time of his death:
The following are the additional information:
a Abaca Company's common shares were traded on June at the highest price of P and lowest price of P
b Begonia Company owned real properties with book value of and fair market value of It had
revaluation surplus of recorded in its books. It had issued and outstanding common shares.
c For jewelry, the practice of pawnshops is to give a pawn value equal to of the fair market value of any property
pawned.
Required:
Determine the gross estate of Mr Mabuhay if at the time of his death, he was a citizen of the Philippines.
Determine the gross estate of Mr Mabuhay if at the time of his death, he was neither a citizen nor a resident of the
Philippines.
Determine the gross estate of Mr Mabuhay if at the time of his death, he was neither a citizen nor a resident of the
Philippines. Assume that the country where Mr Mabuhay resided does not impose death or estate tax.
