Taxation, 2011 Bar — Question 12

MULTIPLE CHOICE

Tong Siok, a Chinese billionaire and a Canadian resident, died and left assets in China valued at P80 billion and in the Philippines assets valued at P20 billion. For Philippine estate tax purposes the allowable deductions for expenses, losses, indebtedness, and taxes, property previously taxed, transfers for public use, and the share of his surviving spouse in their conjugal partnership amounted to P15 billion. Tong's gross estate for Philippine estate tax purposes is (A) P20 billion. (B) P5 billion. (C) P100 billion. (D) P85 billion.

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