VI. While driving his car to Baquio last month, Pedro Asuncion, together with his wife Assunta, and only son Jaime, met an accident that caused the instantaneous death of Jaime. The following day, Assunta also died in the hospital. The spouses and their son had the following assets and liabilities at the time of death : Assunta Exclusive Conjugal Jaime Exclusive Cash P10,000,000.00 P1,200,00.00 Cars P2,000,000.00 500,000.00 Land 5,000,000.00 2,000,000.00 Residential House 4,000,000.00 Mortgage Payable 2,500,000.00 Funeral Expenses 300,000.00 Is the Estate of Jaime Asuncion liable for estate tax? Explain. ( 4% ) Is vanishing deduction applicable to the Estate of Assunta Asuncion? Explain ( 4% )