Académique Documents
Professionnel Documents
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CHARACTERISTICS
EXAMPLES/MODELS
It includes:
1. Citizen and resident alien decedent:
a) Real property wherever situated,
b) Tangible
personal
property
wherever situated,
c) Intangible
personal
property
wherever situated.
2. Non-resident alien decedent:
a) Real property situated in the
Philippines,
b) Tangible personal property situated
in the Philippines,
c) Intangible personal property with a
situs in the Philippines, unless
exempted
on
the
basis
of
reciprocity. (Sec. 104, NIRC)
Purpose : To properly determine the estate
tax payable.
Characteristics:
-Valuation of Gross Estate : FMV at time of
death
-Still subject to allowable deductions, if
there are any.
Gross Estate
NON-EXAMPLES