1. When Emilio (E) died in 2015, his estate included the property shown in the following table. His entire estatewent to his daughter Rosa (R). What is Rosa's basis in the properties?PropertyResidenceStock in E's IRAStock E boughtbutput in jointTimeshare E'snamealoneEmilio'sBasisFMV$120,000 $450,000$0$40,000$50,000 $30,000$20,000 $5,000Rosa'sBasisComments/WhatPulo?

For tax reasons, basis often refers to the amount of your property investment in capital terms.…

Answered: 1. When Emilio (E) died in 2015, his…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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My A married decedent left the following inherited properties as part of his gross estate amounting to P 15,000,000. Land P 1,500,000 500,000 The value of the land when inherited 2 ½ year ago was P1,200,000 and was subject to a mortgage of P200,000 which was paid by the present decedent before he died. The shares of stock were valued Shares of stock CF An= at P600,000. Skip The estate's executor has claimed the following deductions; P600,000 350,000 150,000 300,000 400,000 700,000 5,000,000 Actual funeral expenses Judicial expenses Claims against insolvent Legacy to National Government Medical Expenses Amount received by heirs under RA 4917 Family Home Compute for the vanishing deduction
3
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QUESTION 30 grandmother. The grandmother did not have any gift taxes due. Two years later. John sold the building for S40,000. What was his gain or (losa) on this transaction O $15,000 Gain O $2,500 Loss O $15,000 Loss O $2,500 Gain O No Gain or Loss
None
aj.2
If Deshaun gifts his niece $100,000 in stock which he bought for $25,000, what is his niece's basis? $0 $25,000 $100,000 $15,000
F25.
Ma1. Part 3: Spouse purchased Blackacre, worth $200,000.00, as tenants by the entirety. Spouses purchased Blackacre in 1990. Upon the death of one of the spouses. a. Does an interest in property pass from the decedent o surviving spouse? b. What is the amount of the marital deduction? Part 4: Decedent leaves property in trust, the income to be paid to parent for parent’s life, and at parent’s death, the corpus to be distributed to decedent’s spouse or spouse estate. Does the transfer quality for a marital deduction?
Identify the correct answer to the following 1-3 (show solution): 1. What is the total gross estate of the decedent? 2. What is the total vanishing deduction? 3. What is the net share of the surviving spouse?
7. COMPUTE: Gross estate
None

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