Butuan Property located at Rosales Street

Buyer : Mr. Terence Yu & wife Atty. Yu

( neighbour of the the property and senior partner of Atty. Carampatana, the lawyer
hired for the issuance of the lost titles. The couple offered the highest price for this
property at Php 11,000,000.00. Manoy Bembot offered at Php 6,000,000.00 and City
Mayor of Butuan Lagnada offered a price of Php 10,000,000.00
Agent : Yaya of Marle, wife of Bobet and confirmed by Atty. Carampatana through text msg.
Present status of the Certificate of title of the rosales property:
- Formal Notice from the court of Agusan del Norte, giving due notice that the petition for
issuance of lost title for the 4 properties has been granted. We wait for another 15 days
from the time we received the notice to be able to petition for finality of the said order
- We will asks Atty. Carampatana for the issuance of finality since it’s more than 15 days
already
- We then submit this finality order from the court to the Registry of Deeds of Butuan City for
the issuance of the new title
COMPUTATION OF ESTATE TAXES – ESTIMATED
Zonal Value of the property = P 6,500 per sqm.
( This zonal valuation is from year 2000 up to the present )
Area of the property = 1,227 sqm
Total zonal value of the property= P 7,975,000.00
GLORIA BUSA’S ESTATE ( 50% of the Total zonal value) = P 3,987,750.00
Allowable deductions: 1) Automatic = 1,000,000.00
2) Dwelling = 1,000,000.00
3) Hospital & Funeral = 300,000.00
Net Taxable for estate tax = P 1,687,750.00
Estate tax rate table : for 500,000.00 up but less than 2,000,000.00 = 15,000.00 plus 8% of the excess
of 500,000.00
Therefore, Gloria’s estate tax at the time of her death = 15,000.00 + 8% of P 1,187,750.00
= P 110,020.00
Present value of Gloria’s estate tax computation:
Date of Death : June 26, 2002
Date of payment : May 2017
No. of years : 16 yrs and 11 months or 16.92 yrs
Without compromise with compromise
Estate tax at the time of her death = P 110,020.00 = P 110,020.00
Plus: surcharge 25% of110,020 = 27,505.00 = 27,505.00
Sub – total = P 137,525.00 = P 137,525.00
Plus interest: 20% of 137,525/yr 16.92 = P 465,384.60 = 232,692.30 (1/2 of Int.)
Total estate tax w/o compromise = P 602,909.60
Plus compromise = 25,000.00
Total estate tax with compromise = P 395,217.30
URSO BUSA’S ESTATE (50% of the Total zonal value)
Allowable Deductions: 1) Automatic
2) Dwelling
3) Hospital & funeral
Net taxable estate tax
Estate tax rate table: ( same as Gloria’s)
Therefore, Urso’s estate tax at the time of his death =
= P 110,020.00
Present value of Urso’s estate tax computation:
Date of Death : July 31, 2008
Date of payment : May 20017
No. of yrs : 8 yrs. & 10 months or 8.83 yrs
Without compromise
Estate tax at the time of his death = P 110,020.00
Plus: surcharge 25% of 110,20 = 27,505.00
Sub – total = P 137,525.00
Plus interest: 20%of 137,525/yr 8.83 = P 242,869.15
Total estate tax w/o compromise = P 380,394.15
Plus compromise
Total estate tax with compromise
= P 3,987,750.00
= 1,000,000.00
= 1,000,000.00
= 300,000.00
= P 1,687,750.00
15,000.00 + 8% of P 1,187,750.00
with compromise
= P 110,020.00
= 27,505.00
= P 137,525.00
= P121,434.55 (1/2 of Int.)
= 25,000.00
= P 283,959.55

SHARE COMPUTATION OF THE 8 SIBLINGS

BUYING PRICE = P 11,000,000.00

Less Deductions:
1) Agent’s commission 5% of 11,000,000.00 = P 550,000.00
2) Capital Gain Tax 6% of 7,975,000.00 = 478,500.00
3) Docs Stamps 1.5% of 7,975,000.00 = 119,625.00
4) Gloria’s estate tax = 395,217.30
5) Urso’s estate tax = 283,959.55
6) Miscellaneous = 50,000.00
7) Tio Pacio = 600,000.00 ( for approval from the 8 siblings)
8) Manay Gracia = 100,000.00 ( for approval of the 8 siblings)
TOTAL DEDUCTIONS = P2,577,301.85
NET PROCEEDS = P 8,422,698.15
Share of each siblings = P 1,052,837.20
More or less

NOTE: THIS COMPUTATION DOES NOT INCLUDE YET THE EXPENSES FOR ISSUANCE OF NEW
TITLE