97540641 Gross Estate of Married Decedent

8/14/2019 97540641 Gross Estate of Married Decedent

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Si%ilarities (et)een the Regi%es of the Conjugal Partnership an* A$solute

Co%%unit&

Property ConjugalPartnership

!bsoluteCommunity

The property ac/uired during the marriage &other thaninheritance or donation*

ConjugalProperty

CommunityProperty

Property ac/uired from labor, industry, wor orprofession of the spouses

ConjugalProperty

CommunityProperty

)ruits or income received during the marriagecomming from the common property

ConjugalProperty

CommunityProperty

Property inherited or donated during the marriage 80clusiveProperty

80clusiveProperty

Differen+es (et)een the S&ste% of Conjugal Partnership an* A$solute Co%%unit&

of Propert&

Property ConjugalPartnership

!bsolutecommunity

Property ac/uired before marriage, or brought to themarriage

80clusiveProperty

CommunityProperty

)ruits or income due or received during the marriagefrom e0clusive property

ConjugalProperty

80clusiveProperty

For%ula for Gross Estate of Marrie* De+e*ent1. If the couple was under the conjugal partnership of gainsConjugal Properties 000!dd: 80clusive Properties of 9ecedent 000;; 8;T!T8 000

%. If the couple was under the absolute community of propertiesCommunity properties 000!dd: 80clusive properties of decedent 000;; 8;T!T8 000

ILL!STRATI#E PRO(LEMS

IP ,- >>

%. Properties brought to the marriage by >,>>>

". Properties inherited during the marriage by >,>>>

-. Income of the properties in +o. "%>,>>>

(. Properties inherited during the marriage by >,>>>

2. Income from properties in +o. ((>,>>>

'. Property ac/uired during the marriage">>,>>>$. Income of the property in +o. '

1>>,>>>

e/uired:!. Classify ther properties under Conjugal Partnership of ains.6. Classify the properties under !bsolute Community of Property.


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;3?TI+;:A- !NDER CON!GAL PARTNERS.IP

1. Conjugal PropertiesProperty ac/uired during the marriage">>,>>>Income of properties inherited during the marriage by ,>>>

Income of properties inherited during marriage by ,>>>Income of properties ac/uired during marriage1>>,>>>TOTAL CON!GAL PROPERTIES/012111

%. 80clusive Properties of ,>>>Properties inherited during the marriage by >,>>>TOTAL E"CL!SI#E PROPERTIES OF MR- RE'ES3112111

". 80clusive Properties of ,>>>Properties inherited during the marriage by >,>>>TOTAL E"CL!SI#E PROPERTIES OF MRS- RE'ES

4112111

6. !NDER A(SOL!TE COMM!NIT'-. Community Properties

Properties inherited by >,>>>Properties brought to the marriage by >,>>>

Property ac/uired duriong marriage ">>,>>>Income of property ac/uired during the marriage

1>>,>>>TOTAL COMM!NIT' PROPERTIES

4112111

(. 80clusive Properties of ,>>>.Income of properties inherited during marriage%>,>>>TOTAL E"CL!SI#E PROPERTIES OF MR- RE'ES

5512111

2. 80clusive Properties of ,>>>Income of properties inherited during the marriage by ,>>>TOTAL E"CL!SI#E PROPERTIES OF MRS- RE'ES

6612111

IP 5-The following information are gathered regarding the inheritance due to death of a marriedindividual, )ilipino and and a resident of 6aguio City, Philippines:

@esidential house and lot in 6aguio, ac/uired at P1,>>>,>>> with Aonal value of P",>>>,>>> atthe date of death.@=ewelry found on the body of the decedent at the date of death, with fair maret value ofP(>>,>>>. This asset is determined as e0clusive property of the decedent.


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@eal property in years ago, assessed at that time forP1,>>>,>>>. !n interested buyer would lie to buy this property a wee before his death atP(,>>>,>>>.@Investment in 6onds, local and foreign, P2>>,>>>.@;hares of stoc of various domestic corporations, listed in the local stoc e0change at date ofdeath at aggregate value of ->>,>>>.

@eal property located in Pangasinan, inherited from his father " years ago. This was ta0ed at%,(>>,>>> when transferred from his father to hi name. !t that time, he assumed the unpaidmortgage of (>>,>>>. This has %>B assessment level at declared fair maret value of%,2>>,>>>. The 6I Aonal valuation stated a fair value of %,$>>,>>> at date of death.@Income from farm earned before the date of death, $>>,>>> &net of related income ta0*.@Commercial lot inherited by wife during marriage. This was valued at 2,>>>,>>> wheninherited by wife and it has a fair maret value of 1>,>>>,>>> at the date of death, ",>>>,>>>,&net of related income ta0*.@Property brought to marriage by his wife, 2,>>>,>>>.

9eductions claimed by the e0ecutor:!ctual funerla e0penses

1$>,>>>=udicial e0penses

#>>,>>>>>,>>>?npaid mortgage on property in Pangasinan

%>>,>>>arious claims of creditors

$,>>>,>>>Claims against insolvent person

$>>,>>>

e/uired:

!. ?nder the regime of conjugal partnership of gains, compute the following:1. The gross e0clusive estate.%. The gross conjugal estate.". The total gross estate.

6. ?nder the regime of absolute community of property, compute the following:1. The gross e0clusive estate.%. The gross conjugal estate.". The total gross estate.


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SOL!TION to IP 5 7,8 758 738Conjugal Partnership of Gains E9+lusi:e Conjugal Total

Properties;esidential house and lot in 6aguioCity

=ewelryeal property in >,>>>

%,$>>,>>>

EEEEEEEEE

",">>,>>>

",>>>,>>>

(,>>>,>>> 2>>,>>> ->>,>>>

$>>,>>> ",>>>,>>> $>>,>>>

1",2>>,>>>

",>>>,>>> (>>,>>>(,>>>,>>> 2>>,>>> ->>,>>> %,$>>,>>> $>>,>>> ",>>>,>>> $>>,>>>

12,#>>,>>>

7/8 768 7,>>>

%,$>>,>>>

EEEEEEEEE",">>,>>>

",>>>,>>>

(,>>>,>>> 2>>,>>> ->>,>>>

$>>,>>> $>>,>>> 2,>>>,>>>12,2>>,>>>

",>>>,>>> (>>,>>>

(,>>>,>>> 2>>,>>> ->>,>>> %,$>>,>>> $>>,>>> $>>,>>> 2,>>>,>>>12,#>>,>>>

IP ".,444- >>,>>>. >>,>>> andinherited commercial buildings worth %,>>>,>>> from her grandparents.

5111-


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Properties of F ac/uired before marriage &1>>,>>>ent Income %>>,>>>

Total Community Property 2,2>>,>>>!dd: 80clusive Property of 4, inheritance from his father 1,>>>,>>>

TT!3 ;; 8;T!T8 ) ,>>>4ouse and lot which he brought into the marriage K ",->>,>>>;ubdivision lot inherited by 9ante from his father in %>>% K 1,">>,>>>Coconut land inherited by !da from her father who died in 1##( K 1,%>>,>>>

Personal Properties:Computer set given as birthday gift to !da by her mother in %>>" K %->,>>>ole0 watch owned by 9ante K %>>,>>>Cash in ban earned by the spouses during the marriage K ",$>>,>>>


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e/uired: Compute the gross estate of 9ante if the marriage was under the absolutecommunity of property regime.

Community Property:iceland '%>,>>>

4ouse and 3ot ",->>,>>>Cash in 6an ",$>>,>>>Coconut land 1,%>>,>>>#,1%>,>>>

80clusive property:ole0 watch %>>,>>>;ubdivision lot 1,">>,>>>1,(>>,>>>

;; 8;T!T81>,2%>,>>>

!L3!+ ;T!T8 ?+I8;ITJ;chool of


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EEEEEEEEf. Property received as gift by the spouse during the marriage.EEEEEEEEg. Income received from the property in &e* above.EEEEEEEEh. !ssets before marriage with decendants from previous marriage.EEEEEEEEi. !ssets rceived as gift by spouse during marriage which was subse/uently donatedto a charity inter5vivos.

P638< %9ante Pugante, a )ilipino, married to !da , %>>>, died ,%>>- leaving the following properties:

eal Properties:1. iceland bought by 9ante in %>>% K '%>,>>>%. 4ouse and lot which he brought into the marriage K ",->>,>>>". ;ubdivision lot inherited by 9ante from his father in %>>% K 1,">>,>>>-. Coconut land inherited by !da from her father who died in 1##( K 1,%>>,>>>

Personal Properties:1. Computer set given as birthday gift to !da by her mother in %>>" K %->,>>>%. ole0 wathch owned by dante K %>>,>>>". Cash in ban earned by the spouses during the marriage K ",$>>,>>>.

e/uired: 4ow much is the1. Community Property under !bsolute Community Property egime for 9ante:

EEEEEEEEEEEE%. 80clusive Property under !bsolute Community Property egime for 9ante:

EEEEEEEEEEEE". ross 8state under !bsolute Community Property egime for 9ante:

EEEEEEEEEEEE-. Conjugal Property under Conjugal Partnership of ains for 9ante: EEEEEEEEEEEE(. 80clusive property under Conjugal Partnership of ains for 9ante: EEEEEEEEEEEE2. ross 8state under under Conjugal Partnership of ains for 9ante: EEEEEEEEEEEE'. 80clusive property under Conjugal Partnership of ains for !da: EEEEEEEEEEEE

P638< ".. Concepcion, married to 9omingo =ugalab on !ugust ", 1#$' died leaving the followingproperties:

Car purchased in 1#$> %(>,>>>4ouse and lot ac/uired during marriage from conjugal funds$>>,>>>;avings deposit with 6anco )ilipino, obtained through labor

and industry of 9omingo #>,>>>)ishpond in Pangasinan, ac/uired through the income from

ConcepcioDs oto 4ouse %>>,>>>3otto winnings by 9omingo (,>>>,>>>

Jamaha wonderbie purchased by Concepcion out ofher e0clusive property (>,>>>

iceland brought into marriage by 9omingo

%>>,>>>;hares of stocs inherited by Concepcion from her

mother who died two wees ago2",>>>

e/uired:1. Compute the e0clusive property of Concepcion: EEEEEEEEEEEEEEEE%. Compute the gross estate of Concepcion: EEEEEEEEEEEEEEE

PP638< -.;pouses Tyrone G =ane eyes have the following assets:

a* Properties inherited by >,>>>

b* Properties brought to the marriage by >,>>>c* Properties inherited during the marriage by >,>>>d* Income of the properties in &c*

%>,>>>e* Properties inherited during the marriage by >,>>>


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f* Income from properties in &e*(>,>>>

g* Property ac/uired during the marriage">>,>>>

h* Income of the property in &h* 1>>,>>>

e/uired:Compute the following:1. Total 80clusive Properties under !bsolute Community egime: EEEEEEEEEEEEEEEEE%. Total 80clusive Properties under Conjugal Partnership of ains: EEEEEEEEEEEEEEEEE". Total Community Properties: EEEEEEEEEEEEEEEEE-. Total Conjugal Properties: EEEEEEEEEEEEEEEEEE(. Total 80clusive Properties of >,>>>Property inherited by decedent during marriage $>>,>>>Property inherited by the surviving spouse during marriage #>>,>>>Property ac/uired through labor during marriage 1,>>>,>>>Income derived from property inherited by the surviving spouse

9uring marriage inclusive of income ta0 of (>,>>> -(>,>>>Time deposit &e0cluding interest before death, #>,>>> and interest

!fter death, 2>,>>>* $(>,>>>

e/uired:9etermine the gross estate under the following property relationships:

1. Conjugal partnership of gains regime: EEEEEEEEEEEEEEE%. !bsolute community of property regime: EEEEEEEEEEEEEEEEE

P638< 2.Concepcion, married to 9omingo =ugalab on =une 1%, 1##( died in 1### leaving the followingthe properties:

Car purchased in 1##> %(>,>>>

4ouse and lot ac/uired during marriage from conjugal funds

$>>,>>>;avings deposit with 6anco )ilipino, obtained through labor

and industry of 9omingo #>,>>>)ishpond in Pangasinan, ac/uired through the income from

ConcepcioDs oto 4ouse %>>,>>>3otto winnings by 9omingo (,>>>,>>>

Jamaha wonderbie purchased by Concepcion out ofher e0clusive property (>,>>>

iceland brought into marriage by 9omingo1>>,>>>;hares of stocs inherited by Concepcion from her

mother who died two wees ago2",>>>

e/uired:1. Compute the e0clusive property of Concepcion: EEEEEEEEEEEEEEEE%. Compute the gross estate of Concepcion: EEEEEEEEEEEEEEE

NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN


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97540641 Gross Estate of Married Decedent