Gross Estate Quiz

Gross estate quiz
Statement 1: The estate tax accrues at the moment of death of the decedent
Statement 2: The estate taxation, the taxpayer is the decedent
Which of the above statements is correct?
Group of answer choices
Both statements
Statement 1 only
Neither statements
Statement 2 only
The following are the motives of a taxpayer that preclude the transfer in contemplation
of death, except one
To avoid payment of estate tax
To save income and property taxes
To relieve the taxpayer of the burden of management
To make dependents financially independent

H and W are married They have legitimate children A and B. H died, survived by W. A
and B. His estate of P12,000,000 should be divided as follows:
W A B Free portion
a. РЗМ P4.5M P4.5M None
b. 3M 3M 3M P3M
c. None 6M 6M None
d. 2.25M 4.5M 4.5M 2.25M
For estate tax purposes, the estate of the decedent shall be valued at the time
Of the preparation of the estate tax return
The estate is distributed to the heirs
The estate tax is paid
Of death of the decedent.

One of the following is subject to estate tax on properties situated within the Philippines
only
Non resident alien
Non resident citizen
Resident citizen
Resident alien
Which of the following is an intangible personal property within?
Franchise exercised in the United States
Bonds issued by an American Corporation
Stocks issued by foreign corporation with business situs in the Philippines
Shares or rights in a domestic business partnership

One of the following donations is not included as part of gross estate
Transfers under special power of appointment
Transfers in contemplation of death
Revocable transfers
Transfers with reservation of certain rights

Decedent Kulot A. has the following data:
Value of the property at the time of sale P1, 200,000
Value of consideration when sold 1,000,000
Value of property at the time of death 1,500,000
The amount includible in the gross estate is

P500,000
P300,000
P200,000
P1,500,000
On the belief that he was about to die of a liver cancer, Bongbong sold to Bengbeng a
property valued at P1, 100, 000 for the same amount. Six months later, Bongbong died
of a car accident. At that time, the property had already a value of P1,300,000. For
Philippine estate tax purposes, the amount includible in the gross estate tax purposes,
the amount includible in the gross estate of Bongbong is -
P1,100,000
None
P200,000
P1,300,000
Case 1 - Designation of the beneficiary is revocable
Case 2 - Designation of the beneficiary is irrevocable
Case 3 - Policy is silent as to whether the designation is revocable or irrevocable
In which of the above cases will proceeds be exempt from estate tax, assuming that the
beneficiary of the life insurance proceeds is neither the estate, the executor nor the
administrator of the estate?
Case 2
Case 1
All of the above cases
Cases 1 and 3
Proceeds of life insurance includible in the taxable gross estate
Insurance proceeds from SSS or GSIS
Amount receivable by any beneficiary irrevocably designated in the policy by the

insured
Amount receivable by any beneficiary revocably designated in the insurance policy
Proceeds of a group insurance taken out by a company for its employees

The following are transactions and acquisitions exempt from transfer tax, except
Transmission or delivery of the inheritance or delivery of the inheritance or legacy by the

fiduciary heir or legatee to the fideicommissary
The merger or usufruct in the owner of the naked title
Transmission from the first heir or donee in favor of another beneficiary in accordance
with the desire of the predecessor
All bequests, devisees, legacies or transfers to social welfare, cultural and charitable
institutions.
One of the following is included in the gross estate
Benefits received from a tax-exempt employer as a consequence of death of the

employee
Benefits received from U.S. Veterans Administration
Benefits received from damages during World War 2

Benefits received from GSIS
One of the following is a conjugal property of the spouses
That which each acquires during the marriage by inheritance.
That which is purchased with the exclusive property of the wife
That which is brought to the marriage as his or her own
The fruits of an exclusive property

Which of the following is not a part of the gross estate?
conjugal property
exclusive property of the decedent
exclusive property of the surviving spouse
community property
A. Share of the decedent in the community property
B. Share of the surviving spouse in the community property
C. Exclusive property of the decedent
D. Exclusive property of the surviving spouse
Which of the above properties are included in the gross estate of the decedent?
All of the above properties
A and B
A and C
A, B and C
Aldo died leaving the following properties:
a. Real property in Baguio City, brought into marriage P300,000

b. Income of real property in Baguio 60,000
c. Real property in Cebu City, brought into marriage by wife 240.000
d. Income of real property in Cebu City 25,000
e. House in Pili, Camarines Sur, acquired by Aldo during marriage 375,000
f. Income of house in Pili 50,000
g. Real property in Iloilo City earned by wife during marriage 225,000
h. Income of real property in Iloilo City 80,000
i. Tangible personal properties in Manila, inherited by Aldo during

500,000
marriage
j. Income of properties in Manila 175,000
k. Intangible personal properties in Singapore, inherited by wife

430,000
during marriage
l. Income of intangibles in Singapore 85,000
m. Tangible personal property in Dagupan City, inherited by Aldo

20,000
before marriage
n. Income of property of Dagupan City 10,000
o. Intangible personal property in Canada, inherited by wife before

350,000
marriage
p. Income of personal property in Canada 85,000

Under the conjugal partnership of gains, the total conjugal properties of the spouses
is:
A. P1,170,000
B. P1,820,000
C. P1,990,000
D. P2,495,000

Under conjugal partnership of gains, the gross estate of Aldo

A. P1, 170,000
B. P2, 495,000
C. P1, 990,000
D. P1, 820,000

Under absolute community of property regime, the total community property of the
spouses:
A. P1, 820, 000
B. P1, 990,000
C. P2, 495,000
D. P1, 170,000

Under absolute community of property regime, the gross estate of Aldo is:

A. P1, 170,000
B. P2, 495,000
C. P1,990,000
D. P1, 820,000
Pepe married Pilar on January 20, 1995 without any prior agreement in writing as to the
system of property relationship that will govern as to the system of property relationship
that will govern their properties when they are already married. Pepe brought into the
marriage an old Spanish house in Vigan, Ilocos Sur worth P2,000,000 while Pilar
brought with her a 200 hectare pineapple plantation in Bukidnon which she acquired
while she was still single.
As a consequence of her marriage. she received as gift from her parents another 200
hectare banana plantation in Cagayan de Oro City on January 31, 1995.
Twelve (12) years thereafter, she died of a car accident. The joint account deposit of the
spouses with Metrobank was P5,000,000.
She was insured with an insurance company for P2,500,000 with Pepe as the appointed
irrevocable beneficiary.
Classify the properties identified by choosing your answer from the options below:
A. Exclusive property of Pepe
B. Exclusive property of Pilar
C. Conjugal property of Pepe and Pilar
D. Community property of Pepe and Pilar

D
The old Spanish house in Ilocos Sur
B
The income of the banana plantation
B
The banana plantation in Cagayan de Oro City
Which of the following is not included in the value of the gross estate?
The undiminished value of the property mortgaged
Judicial expenses
Claims against insolvent persons
Benefits received under RA 4917

The following are requisites in order that claims against the decedent's estate may be
deductible except
They must be enforced by the claimants
They must be reasonably certain as to amounts
They must be existing against the estate
They must have been prescribed

Casualty losses are deductible from the gross estate if
1st Statement: Such loss was incurred during the settlement of the estate
2nd Statement: Such loss was incurred not later than the last day for the payment of the
estate tax.
1st statement is false, 2nd statement is true
1st statement is true, 2nd statement is false
Both statements are true
Both statements are false

Y, a Filipino resident, died on November 5, 2018 and his estate incurred losses due to:
1st loss: From fire on February 2, 2018 of improvements on his property; not
compensated by insurance.
2nd loss: From flood on February 25, 2019 of household furniture; also not
compensated by insurance.
1st loss is not deductible and 2nd loss is deductible
1st loss is deductible and 2nd loss is not
Both losses are deductible from gross estate
Both losses are not deductible

Which of the following properties of Etang who died December 4, 2018 is subject to
vanishing deduction?
Property 1 - Car purchased 3 years ago from Mitsubishi Motors, Batangas City.
Property 2 - Land inherited from her mother in 2015 the estate tax thereon had not been
paid.
Property 3 - Donation from a friend in 2014
Property 4 - Community property inherited December 2, 2013 or five (5) days before
marriage.
Property 1 Property 2 Property 3 Property 4
a. No No Yes Yes
b. No No Yes No
c. Yes No No Yes
d. Yes Yes No No
Which of the following is a multiplier deduction for purposes of computing the vanishing
deduction?
Standard deduction
Benefits received under RA 4917
Transfer for public purpose
Family Home
Rodolfo, a citizen of the Philippines and resident of Bacolod City, died testate on May
10, 2018. Among his gross estate are properties inherited from his deceased father who
died April 4, 2015. What percentage of deduction will be used in computing the amount
of vanishing deduction?
80% of the value taken of the value taken as basis for vanishing deduction
60% of the value as basis for vanishing deduction
40% of the value taken as basis for vanishing deduction

100% of the value taken as basis for vanishing deduction
Statement 1: Unpaid loans contracted prior to death may be deducted even if not
notarized if notarization of contracts is not a business policy of the creditor
Statement 2: For estate tax purposes, several family homes may be deducted provided
the maximum amount is P10,000,000.
Only Statement 2 is correct
Only Statement 1 is correct
Both Statements are correct
Both Statements are incorrect

Cristopher died on October 5, 2006 leaving a parcel of land valued at P800,000 to his
nephew, Mendell. On June 10, 2008, Mendell married Cristita. Prior to the celebration of
the marriage, they orally agreed that they shall be governed by the conjugal partnership
of gains. Which is correct?
The spouses shall be governed by the absolute community of property regime. Thus, if
Mendell dies on May 20, 2009 only his one-half share in the land shall be subject to a
vanishing deduction
The spouses shall be governed by the absolute community of property regime.

Nonetheless, the death of Cristita on May 20, 2009 will not subject her share in the land
to a vanishing deduction.
The spouses shall be governed by the absolute community of property regime. Thus, if
Cristita dies on May 20, 2009 the land shall be subject to vanishing deduction of one-
half of its value.
The spouses shall be governed by the conjugal partnership of gains. Thus, if Mendell
dies on May 20, 2009 the vanishing deduction shall be classified as a deduction from
his exclusive properties.
The following expenses and obligations were left by Boning, a Filipino, upon his death:
Notes payable, not notarized P 30,000
Loans payable, PNB 300,000

Accounts receivable, debtor not insolvent 40,000
Accounts receivable, debtor is insolvent 60,000
Death benefits from employer 200,000
Mortgage paid 50,000
Income taxes on income of decedent's estate 7,500
The total amount of deductible from gross estate is

P5,590,000
P5,560,000
P1,560,000
P1,590,000
Che Cua, a non-resident alien, died leaving the following assets -
Domestic shares P 1,000,000
Foreign shares 3,000,000
Tangible personal property, Philippines 6,000,000
Expenses (deductible) 1,200,000
Note - The country where she is citizen and resident does not impose transfer tax on
transmission of intangibles of Filipinos.
The taxable net estate in the Philippines is -
P3,800,000
P5, 280,000
P4, 780,000
P4, 280,000
A citizen of the Philippines, single, died a resident of the United States, leaving the
following properties:
Real property in the United States, inherited from father One and one-half
Р 2,000,000
years ago
Personal property in the Philippines inherited from father 1,600,000
Family home in the United States 1,400,000
The gross estate subject to Philippine estate tax is:

P5,000,000
P3, 400,000
P3,000,000
P1, 600,000
Val Hallada died on November 20, 2018. Some of the properties he left are the
following:
MARKET VALUE
Assets Mode of Acquisition Date of Acquisition Date Acquired Death of Val Hallada
Land Donation 7-3-14 P500,000 P350,000
Car Purchase 10-2-17 800,000 980,000
Other information:
1. The gross estate of the decedent amounts to P3,000,000.

2. The land was mortgaged for P50,000 which was deducted in prior estate and Val
Hallada paid the same before he died.
3. The allowable deductions total P125, 000, which includes medical expenses of
P30,000. It excludes bequest to a charitable institution in the amount of P50,000.
The vanishing deduction is

P67, 783
P57, 500
P67,083
P58, 100
Mama Mathay, widow, a citizen the Philippines residing in Vancouver, Canada, died on
December 20, 2018 leaving the following properties:
Real property (inherited from her husband on May3, 2017 valued then at
P2,960,000
P2, 600, 000)
Personal properties in Canada 1,300,000
Real and personal properties in the Philippines 670,000
Family home in Canada 2,500,000
Obligations:
Funeral expenses incurred in Canada 250,000
Other deductible expenses 850,000
The gross estate of Mama Mathay is

A. P7, 430,000
B. P7,070,000
C. P6,760,000
D. P670,000

The deduction for family home is

A. P2,500,000
B. P1,000,000
C. P1,250,000
D. None


A. P1,842,400
B. P2,097,100
C. P1, 381,800
D. P2,017,420
Decedent, married, died leaving the following:
Real properties P 8,000,000
Family house 12,000,000
Other real properties, exclusive of decedent 2,400,000
Funeral expenses 275,000
Medical expenses 650,000
Taxes and losses 1,300,000
The estate tax due (refundable) is:

P45,000
P105,000
(P195,000)
P366,000
The following data relates to Carl, married two (2) years ago, died leaving the following:
Gross estate P14,000,000
Land acquired by donation from his father 3 years ago (included

above):
Market value, date of donation 200,000
Market value, date of death 300,000
Judicial expenses 15,000
Unpaid mortgage on land at the time of donation 100,000
Unpaid taxes 10,000
Losses 25,000
Transfer for public purposes 35,000
Carl paid P60,000 to the mortgage of the land a year before his death.
Assuming Carl was under conjugal partnership of gains, the total ordinary deductions
from exclusive property is

A. P130,560
B. P165,560
C. P265,490
D. P190,560

In Problem above, assuming that Carl was under absolute community of property
regime, the total amount deductible from the community property is
A. P130,560
B. P165,560
C. P265,490
D. P190,560
Alladin, Filipino, married, died January 1, 2018, leaving the following properties:
Inherited from his brother who died May 3, 2016:
Riceland P1,000,000
Residential land 2,000,000
Inherited from his mother who died April 12, 2014 or five days after his

marriage:
Coconut land 4,420,000
Acquired thru Alladin's wife's labor:
Family home 2,000,000
Car 500,000
Commercial land 1,000,000
Gold necklace (acquired by Alladin during a previous marriage which had a

280,000
legitimate descendant
The rice land and the residential land were previously mortgaged for P350,000 when inherited
where P200,000 was paid by Alladin during his lifetime.
The coconut land was mortgaged for P132,000 of which P52,000 was paid before his death.
Also Alladin, by will, bequeathed to Marikina City the sum of P200,000 for exclusively public
purpose.
The estate incurred the following expenses:
Funeral expenses P140,000
Portion of family home destroyed by fire on Jan 5, 2018 100,000
The gross estate of Alladin is

A. P7,700,000
B. P11, 200, 000
C. P9, 450,000
D. P8, 157, 020


A. P4,079, 000
B. P3,988,200
C. P3,898, 200
D. P3,798,520
E. None of the choices

The net taxable estate is

A. P771,800
B. P1,741,800
C. P515,000
D. (P1,258,200)
E. P828,580
F. None of the choices
Next
Wilson died in a car accident. He died intestate on October 10, 2018, survived by his
wife, Ging and a son.
Exclusive properties of Ging:
Car P400,000
Lot in Quezon City 2,000,000
Other real and personal properties 800,000
Exclusive properties of Wilson:
House and lot in Sta. Rosa, Laguna, family home 1,900,000
Other personal properties 800,000
Other real properties 4,500,000
Conjugal properties of the spouses:
Cash on hand and in bank 500,000
Receivable as prize in a raffle sponsored by PICPA 50,000
Receivable from an insurance company where the son, Gino was

designated as a revocable beneficiary. The premiums were paid out of the 150,000
conjugal funds
The following deductions were claimed:
Claims against the estate, not notarized 50,000
Claims against insolvent persons 30,000
Unpaid mortgage on other real properties contracted for the benefit of the
200,000
conjugal property)
Unpaid mortgage on house and lot in Laguna (the proceeds of which did
350,000
not redound to the benefit of the family)
Accrued income taxes 35,000
Income tax on income earned from October 11 to December 31, 2018 7,500
The gross estate is

A. P7,930,000
B. P7,900,000
C. P7,850,000
D. P8,130,000

The deductible share of surviving spouse is

A. P127,500
B. P232,500
C. P207,500
D. P57,500

The net estate subject to tax is
A. P157, 500
B. P182,500
C. P178,750
D. P1,082,500
Penduko, married, died on August 30, 2018 and left the following properties
Properties:
Cash in bank P200,000
Residential lot inherited from his father on June 12, 2015, before
1,200,000
marriage
Other exclusive properties 6,000,000
Family home:
House (community property) 1,300,000
Lot (exclusive property of Penduko) 1,000,000
Personal properties acquired by the spouses during marriage 200,000
Receivable from his sister (insolvent) 100,000
Inter vivos donation from his mother on July 2012, revocable 150,000
Receivable from SSS as indemnity for hospitalization 12,000
Obligations:
Unpaid mortgage on the residential lot contracted by the father:
At the time of death of father 300,000

At the time of death of Penduko 100,000
Funeral expenses (40% were shouldered by relatives) 80,000
Judicial expenses (30% were incurred after 6 months) 35,000
Claims against the estate (includes unpaid medical expenses of

35,000
P12,000)
Unpaid mortgage on the house (loaned to Penduko's sister) 100,000
Casualty loss (50% was indemnified by the insurance company) 60,000
Donation to Barangay Engkantao (verbal donation) 25,000
The gross estate on the estate of Penduko is

A. P10,062,000
B. P9,900,000
C. P9,962,000
D. P10,000,000

The vanishing deduction on the estate of Penduko is

A. P385,400
B. P358,400
C. P385,880
D. P358,880

The total ordinary deductions from the community property of Penduko is

A. P723,880
B. P750,880
C. P750,400
D. P738,400

The net taxable estate is

A. None
B. P6,882,100
C. P1,474,800
D. P6,232,100
Eleanor, resident citizen, married and under the absolute community of property regime,
died on August 20, 2018. The following are data on properties and obligations:
Exclusive properties of Eleanor:
Personal properties P4,000,000
Family home 2,000,000
Community properties:
Real properties 1,400,000
Personal properties 1,750,000
Judicial expenses incurred until February 20,

30,000
2019
Judicial expenses incurred after February 20,
20,000
2019
Unpaid taxes 12,500
Casualty loss occurred November 2, 2018 350,000
Casualty loss occurred March 5, 2019 130,000
How much is the net taxable estate?

A. P88,750
B. P328,750
C. P393,750
D. P335,000

The net distributable estate is

A. P83,425
B. P309,025
C. P370,125
D. P314,900
Statement 1: Losses can be deducted only if incurred during the settlement of the estate
Statement 2: Losses can be deducted only if incurred prior to the last day for the filing of
the estate tax return and payment of the estate tax
Both statements are true
The first statement is true, but the second statement is false
The first statement is false, but the second statement is true

Both statements are false
Which statement is wrong? Losses are deductible from the gross estate:
If arising from earthquake
If not compensated by insurance or other form of indemnity
Should be of property included in the Philippine gross estate
Must be incurred during the settlement of the estate

A Filipino decedent died single (but head of family), leaving a family home which
consists of a piece of land that he inherited 3 years ago (with a value at that time of
P600, 000) with a fair market value of P800,000 at the time of his death, and a house
thereon which he built at a cost of P650, 000, and a fair market value the time of his
death of P450,000. Other properties in his gross estate have a fair market value of
P550,000. Unpaid obligations at the time of his death amounted to P300,000

The vanishing deduction is:

A. P200,000
B. P500,000
C. P40,000
D. P225,000

The total deduction for family home is:

A. P450,000
B. P550,000
C. P1,000,000
D. P1, 250,000
Which is not a creditable withholding income tax?
Withholding income tax at source.
Withholding income tax on passive income.
Expanded withholding income tax.
None of these.
The optional standard deduction is forty percent (40%) of the gross income for
corporations. For purposes of the optional standard deduction gross income means:
Gross profit from sales, or gross receipts or revenues less direct cost of services, plus
all other items of gross income.
Includes the net capital gain of an individual.
If a service concern, gross receipts less direct cost of services.
If a trading concern, gross profit from sales.

Statement 1: If the amount to be distributed to a partner of a GPP is P720,000, it is to
be withheld with 15% creditable tax.
Statement 2: The share of a partner in a GPP is subject to final withholding tax of 10% if
the amount is below P720,000.
Statement 3: The distributive share of a partner in a commercial partnership is subject
to final tax of 10%.
Only statement 2 is false.
Statements 1 and 2 is false.
Statements 1, 2 and 3 are false.
Statements 1, 2 and 3 are true.

When a taxpayer erroneously paid a tax in installments, the prescriptive period for a
claim for refund should be counted:
From the last day required by law for the payment of the tax in one lump sum.
From the date of payment of the last installment.
From the date of payment of the first installment.
None of the above.

A professional partnership was organized in 2015. Bogart who is 40% partner
contributed P60,000. The partnership has the following net income:
Distributed to the
2015 P 50,000 -
partners
2016 30,000 - Not distributed
2017 10,000 - Not distributed
In 2018 the partnership was dissolved and Bogart received the sum of P100,000 upon
liquidation.
The taxable capital gain of Bogart in 2018 arising from the liquidation of his interest in
the partnership is:
P 24,000
P 40,000
P 20,000
P 12,000
WRITE YOUR ANSWERS IN CAPITAL LETTERS ONLY. (Example: A)
Joan sold for P12,000,000 his residential land in Manila (FMV is P15,000,000).
1. If Joan utilized all of the P12,000,000 in buying a house and lot to be used as his new
principal residence, the final tax due from Joan is:

A. P 900,000
B. P 720,000
C. P 180,000
D. P 0
2. If Joan utilized only P9,000,000 of the proceeds of the sale in acquiring a new
principal residence, the final tax due from Joan is:

A. P 900,000
B. P 225,000
C. P 360,000
D. P 0
Where any national revenue tax is alleged to have been erroneously or illegally
collected the taxpayer should first:
Answer not given.
File a claim for refund or credit with the Bureau of Internal Revenue.
File an action for refund with the Regional Trial Court.
File an action for refund with the Court of Tax Appeals.

Minimum Wage Earners (MWEs) receiving "other benefits" exceeding the P90,000 limit
shall be
Taxable on the excess benefits only
Exempt from income tax.
None of the above.
Taxable on the excess benefits as well as his salaries, wages and allowances, just like
an employee receiving compensation income beyond the statutory minimum wage.
Statement 1: Tax exemption applies only to government entities that exercise
proprietary functions.
Statement 2: All government entities regardless of their functions are exempted from
taxes because it would be impractical for the government to be taxing itself
Statements 1 and 2 are true

Statement 1 is true but statement 2 is false
Statements 1 & 2 are false
Statement 1 is false but statement 2 is true

Taxes paid or incurred within the taxable year in connection with the taxpayer's
profession, trade or business, shall be allowed as deduction, except:
Foreign income tax claimed as tax credit.
Philippine income tax.
All of the choices.
Estate and donor's taxes.

Ataxpayer disclosed to you the following information:
 Date of filing the Income Tax Return - March 28, 2018

 Date assessment was received - June 20, 2020
 Request for reinvestigation was filed - July 4, 2020
The last day for the taxpayer to submit relevant supporting documents is
April 15, 2021
July 20, 2020
September 2, 2020
September 4, 2020

Gross Estate Quiz

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Gross estate quiz

To avoid payment of estate tax

To save income and property taxes

To relieve the taxpayer of the burden of management

To make dependents financially independent

a. РЗМ P4.5M P4.5M None

d. 2.25M 4.5M 4.5M 2.25M

The estate is distributed to the heirs

The estate tax is paid

Of death of the decedent.

Non resident alien

Non resident citizen

Franchise exercised in the United States

Bonds issued by an American Corporation

Stocks issued by foreign corporation with business situs in the Philippines

Shares or rights in a domestic business partnership

Transfers under special power of appointment

Transfers in contemplation of death

Transfers with reservation of certain rights

Value of consideration when sold 1,000,000

Value of property at the time of death 1,500,000

The amount includible in the gross estate is

All of the above cases

Insurance proceeds from SSS or GSIS

Amount receivable by any beneficiary irrevocably designated in the policy by the

Amount receivable by any beneficiary revocably designated in the insurance policy

Proceeds of a group insurance taken out by a company for its employees

Transmission or delivery of the inheritance or delivery of the inheritance or legacy by the

The merger or usufruct in the owner of the naked title

Benefits received from a tax-exempt employer as a consequence of death of the

Benefits received from U.S. Veterans Administration

Benefits received from damages during World War 2

That which each acquires during the marriage by inheritance.

That which is purchased with the exclusive property of the wife

That which is brought to the marriage as his or her own

The fruits of an exclusive property

exclusive property of the decedent

exclusive property of the surviving spouse

All of the above properties

a. Real property in Baguio City, brought into marriage P300,000

c. Real property in Cebu City, brought into marriage by wife 240.000

d. Income of real property in Cebu City 25,000

e. House in Pili, Camarines Sur, acquired by Aldo during marriage 375,000

f. Income of house in Pili 50,000

g. Real property in Iloilo City earned by wife during marriage 225,000

h. Income of real property in Iloilo City 80,000

i. Tangible personal properties in Manila, inherited by Aldo during

j. Income of properties in Manila 175,000

k. Intangible personal properties in Singapore, inherited by wife

l. Income of intangibles in Singapore 85,000

m. Tangible personal property in Dagupan City, inherited by Aldo

n. Income of property of Dagupan City 10,000

o. Intangible personal property in Canada, inherited by wife before

p. Income of personal property in Canada 85,000

Under conjugal partnership of gains, the gross estate of Aldo

The undiminished value of the property mortgaged

Claims against insolvent persons

Benefits received under RA 4917