composition of gross estate base on Philippines citizenship and residency

2.2 The decedent devised to his four (4) children separate parcels of land with he following data: TO JUAN, 1,000 square meter lot in Sampaloc, Manila with the following valuation: - Assessed value determined by the City of Manila, P25,000/sq.m. - Zonal value as determined by the CIR, P18,000,000 - FMV as determined by independent assessors, P20,000,000 TO PEDRO, 1,000 square meter lot in Q.C. with the following valuation: - Assessed value determined by Q.C., P15,000/sq.m. - Zonal value as determined by the CIR, P18,000,000 - FMV as determined by independent assessors, P20,000,000 TO MARIA, 1,000 square meter lot in Makati with the following valuation: - Assessed value determined by the City of Manila, P15,000/sq.m. - FMV as determined by independent assessors, P20,000,000 REQUIRED: Determine the gross estate of the decedent be summarized as follows: INTANGIBLE ASSETS WITH SITUS WITHIN THE PHILIPPINES Section 104 of the Tax Code enumerates the following intangible personal property with situs in the Philippines, for estate tax prposes: 1. Franchise which must be exercised in the Philippines. 2. Shares, obligations or bonds issued by any corporation or sociedad anonima organized or constituted in the Philippines in accordance with its laws. Dro NAKA IncoptoleamD 3. Shares, obligations or bonds issued by any foreign corporation, 85% of the business of which is located in the Philippines. 4. Shares, obligations, or bonds issued by any foreign corporation if such shares, obligations or bonds have acquired a business situs in the Philippines. 5. Shares or rights in any partnership, business or industry established in the Philippines. DTO TMAYO ANG OUSINESS