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Determine the vanishing deduction

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Question - A citizen and resident of the Philippines, married, died, leaving the following properties.

Real and personal properties acquired during the marriage P3,000,000

Land and building inherited from the father 1 ½ years ago (with a fair market value at that time of P1, 500, 000), and used at the time of his death as home for his family 2,000,000

Car, purchased with cash received as gift from the mother during the year 500,000

Cash (including P500, 000 received by inheritance from the father) 1,500,000

Claims against conjugal properties 600,000

Unpaid mortgage on the land and building inherited (from an original of P600,000 When inherited) 100,000

Required - Determine the vanishing deduction?

Reference no: EM132886212

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