Taxation, 2012 Bar — Question 22

MULTIPLE CHOICE

While he was traveling with friends, Mr. Jose Francisco, resident Filipino citizen, died on January 20, 2011 in a California Hospital, USA, leaving personal and real properties with market values as follows: House and Lot in Quezon City - P10 Million; Cash in bank in California - US$10,000.00; Citibank in New York - US$5,000.00; Cash in BPI Makati - P4 Million; Car in Quezon City - P1 Million; Shares of stocks of Apple Corporation, US corporation listed in NY Stock Exchange - US$1 = Php50. His gross estate for the Philippine estate tax purposes shall be: a) P13 Million; b) P14 Million; c) P15 Million; d) P16 Million.

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