While he was traveling with friends, Mr. Jose Francisco, resident Filipino citizen, died on January 20, 2011 in a California Hospital, USA, leaving…

The question

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: (2012 Bar Question)

1. A.P13 Million;
2. B.P14 Million;
3. C.P15 Million;
4. D.P16 Million.

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