5. Decedent was a citizen of the Philippines Property No. 1, inherited from father within the year: Fair market value when inherited Fair market value of death Mortgage on the property when inherited Mortgage on the property paid by decedent Property No. 2, received as gift from the mother 1 ½ years ago P500,000 350,000 80,000 30,000 Value when received Value at death Gross estate which includes the properties above Deductions 400,000 450,000 6,000,000 450,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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compute for vanishing deduction

5. Decedent was a citizen of the Philippines
Property No. 1, inherited from father within the year:
Fair market value when inherited
Fair market value of death
Mortgage on the property when inherited
Mortgage on the property paid by decedent
Property No. 2, received as gift from the mother 1 2 years ago
P500,000
350,000
80,000
30,000
Value when received
Value at death
Gross estate which includes the properties above
Deductions
400,000
450,000
6,000,000
450,000
Transcribed Image Text:5. Decedent was a citizen of the Philippines Property No. 1, inherited from father within the year: Fair market value when inherited Fair market value of death Mortgage on the property when inherited Mortgage on the property paid by decedent Property No. 2, received as gift from the mother 1 2 years ago P500,000 350,000 80,000 30,000 Value when received Value at death Gross estate which includes the properties above Deductions 400,000 450,000 6,000,000 450,000
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