Scribd
Upload
46 views

Particulars Exclusive Community Total

The document details the estate of an individual including real property, personal property, and taxable transfers with a total gross estate of $69.9 million. After deductions, the net estate is $49.2 million. The estate tax due is calculated to be $2,063,558.37 at an applicable rate of 6%. The document also provides information on vanishing deductions for a commercial building and residential land.

Uploaded by

Carmela Jimenez
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
46 views

Particulars Exclusive Community Total

The document details the estate of an individual including real property, personal property, and taxable transfers with a total gross estate of $69.9 million. After deductions, the net estate is $49.2 million. The estate tax due is calculated to be $2,063,558.37 at an applicable rate of 6%. The document also provides information on vanishing deductions for a commercial building and residential land.

Uploaded by

Carmela Jimenez
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Particulars Exclusive Community Total

Real property excluding family home 25,800,000.00 11,000,000.00 36,800,000.00


Family home 10,500,000.00 9,000,000.00 19,500,000.00
Personal properties 500,000.00 11,600,000.00 12,100,000.00
Taxable transfer - 1,500,000.00 1,500,000.00
Gross estate 36,800,000.00 33,100,000.00 69,900,000.00
Less: Ordinary deductions 2,246,996.00 3,420,729.00 5,667,725.00
Estate after ordinary deductions 34,553,004.00 29,679,271.00 64,232,275.00
Less: Special deductions
Standard deduction 5,000,000.00
Family home 10,000,000.00
Total 15,000,000.00

Net Estate 49,232,275.00


Less share of surviving spouse 14,839,635.50
Net taxable estate 34,392,639.50
Applicable rate 6%
Estate tax due 2,063,558.37

Vanishing deduction Commercial bldg Residential land


Value to take 10,000,000 300,000
Less: Mortgage paid
Initial basis 10,000,000 300,000
Less: Proportional deduction
Residential land (300,000/69,900,000x3,600,000) 15,451.00
Commercial bldg (10,000,000/69,900,000x3,600,000) 515,021.00
Final basis 9,484,979.00 284,549.00
Tax rate 0.2 0.6
Vanishing deduction 1,896,995.80 170,729.40

You might also like