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The BIR examiner disallowed the deduction of the unpaid loan balance of P2 million from the gross estate claimed by the heirs of Mr. Sakitin. The heirs deducted this as "Claims against the Estate" but the BIR examiner argued that the mortgaged property used as collateral for the loan was not included in the computation of the gross estate. However, the unpaid loan balance should be allowed as a deduction from the gross estate even if the mortgaged property was excluded, as debts of the decedent are allowed
- Author
- Aly Concepcion
- Language
- EN