BSA 3B

Proceeds from life insurance, third person is irrevocably designated as beneficiary. Included in Gross Estate?

• yes

• no

Proceeds from life insurance, third person is irrevocably designated as beneficiary. Shall be included in gross estate?

• yes

• no

Proceeds of life insurance, the beneficiary's designation is not clear. Shall be included in gross estate?

• yes

• no

Proceeds of life insurance, administrator of the estate is irrevocably designated as beneficiary. Shall be included in the gross estate?

• yes

• no

Proceeds of life insurance, executor of the estate is revocably designated as beneficiary. Shall be included in gross estate?

• yes

• no

A, a Filipino resident, died November 5, 2020 and his estate incurred losses:

First Loss: From fire on February 2, 2020 of improvement on his property, not compensated by insurance, P500,000

Second Loss: From flood on February 25, 2021 of household furniture also not compensated by insurance, P300,000

Third Loss: From sale on February 20, 2021 of a property included in the gross estate, P100,000

Fourth Loss: From theft on April 5, 2021, P300,000, 70% compensated by insurance

Fifth Loss: From robbery on May 5, 2021, P150,000 claimed as deduction from gross income

How much is deductible loss?

• P1,140,000

• P640,000

• P390,000

• P540,000

Mr A died with a claim against MR B. Mr B has properties worth P250,000 and obligations of P350,000. Included in the obligations of Mr B are P50,000 unpaid taxes owed to the government of the Philippines and P90,000 payable to Mr A.

The deductible claim against insolvent debtors is?

• P90,000

• P60,000

• P30,000

• P100,000