Gross Estate of Married Decedents_-548167696 (1).pdf

DEPARTMENT OF ACCOUNTANCY HOLY ANGEL UNIVERSITY GROSS ESTATE OF MARRIED DECEDENTS  GROSS ESTATE OF MARRIED DECEDENTS - The decedent’s exclusive properties - The common properties of the...

DEPARTMENT OF ACCOUNTANCY HOLY ANGEL UNIVERSITY GROSS ESTATE OF MARRIED DECEDENTS  GROSS ESTATE OF MARRIED DECEDENTS - The decedent’s exclusive properties - The common properties of the spouses EXCLUSIVE CONJUGAL/ TOTAL COMMUNAL GROSS ESTATE P XXX,XXX P XXX,XXX P XXX,XXX Less: Deductions  COMMON TYPES OF PROPERTY REGIMES Absolute Separation of Property (ASP) technically, all properties of the spouses are separate properties, except those properties which they may acquire jointly Conjugal Partnership of Gains (CPG) all properties that accrue as fruit of their individual or joint labor or fruits of their properties during the marriage will be common properties of the spouses. Absolute Community of Property (ACP) all present properties owned by the spouses at the date of celebration of the marriage shall become common properties of the spouses including future fruit of their separate joint industry or fruits of their common properties.. Applicable Property Regime in default of an Agreement Conjugal Partnership of Gains Absolute Community of Property August 3, 1988 CONJUGAL PARTNERSHIP OF GAINS (CPG) Before During Marriage Marriage Properties brought in marriage Exclusive Fruits of Properties/labor Exclusive Conjugal Gratuitous acquisitions Exclusive Exclusive Fruits from Gratuitous acquisitions Exclusive Conjugal ABSOLUTE COMMUNITY OF PROPERTIES (ACP) All Properties before marriage are All Properties after marriage are common common Except: Except: -properties of spouse with -Gratuitous acquisitions received by descendants in a prior marriage either spouse -Fruits of exclusive property -properties of personal exclusive use of either spouse, except jewelry ACP: Spouse with Descendant in a prior marriage Before During Marriage Marriage From gratuitous acquisitions Exclusive Exclusive From fruits of industry Exclusive Communal From fruits of property -Separate property Exclusive Exclusive -Community property Communal Communal From Exclusive use of either spouse -Jewelry Exclusive Communal -Non-Jewelry Exclusive Exclusive ABSOLUTE COMMUNITY OF PROPERTIES (ACP) Before During Marriage Marriage From gratuitous acquisitions Communal Exclusive From fruits of industry Communal Communal From fruits of property -Separate property Communal Exclusive -Community property Communal Communal From Exclusive use of either spouse -Jewelry Communal Communal -Non-Jewelry Exclusive Exclusive Acquisition of Exempt Properties acquisition of exempt properties will be included as exclusive or common properties of the spouses but shall be excluded in the computation of the gross estate Exempt Properties of Non-Resident Alien Decedents exempt foreign properties of a married non-resident alien decedent must be excluded in gross estate Reference Business and Transfer Taxation 2019 edition by Rex Banggawan