Taxation, 2012 Bar — Question 25

MULTIPLE CHOICE

Jose Ramos, single, died of a heart attack on October 10, 2011, leaving a residential house and lot with a market value of P1.8 Million and cash of P100,000.00. Funeral expenses paid amounted to P250,000.00 a) His estate will be exempt from estate tax because the net estate is zero; b) His estate will be subject to estate tax because net estate is P1,650,000.00; c) His estate will be subject to estate tax because net estate is P1,700,00.00; d) His estate will be subject to estate tax because net estate is P800,000.00.

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