Reference no: EM132727881
Mr. Pim Manaw, resident decedent, married, died, leaving the following properties:
Real and personal properties acquired during the marriage 3,000,000
House and lot inherited from his father one year and 3 months before he died (FMV when inherited, P1,500,000) used as the decedents' family home 2,000,000
Car purchased with cash received as gift from his mother during the year 500,000
Cash (inclusive of P500,000 received as inheritance from the father) 1,500,000
The following obligations and expenses were also made available:
Claims against conjugal properties 600,000
Unpaid mortgage on the inherited house and lot (Original mortgage was 600,000) 100,000
Requirements:
Problem 1: Compute for the vanishing deduction