How much is the estate tax due on the estate of Nicanor? After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php5.000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php1.000,000. On October 6, 2021. Nicanor died. The details of Nicanor's estate are reflected below:Real properties and personal properties personally owned by Nicanor - Php 5.000,000House and lot Nicanor inherited from his fatherBIR Zoral value - Php 3,000,000Value per Tax Declaration:1Land - Php 2.000,0002 House - Php 4,000,000The following are expenses / deductions paid/payable attributable to the estate at the time of his deathOutstanding balance of the mortgage on his father's property - Php 400,000Unpaid mortgage on Nicanor's properties - Php 500,000Losses - Php 500,000- Total unpaid taxes - Php 100,000• Claims by hospitals on unpaid medical bills - Php 500,000- Donation to the City Government for Public Use - Php 500,000

Estate tax:The tax levied on the assets or property that is transferred to the dead person is known…

55,000,000 on February 14, 2018 At the time of his father's death, the property is mortgaged in the amount of Php ,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor-Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value-Php 3,000,000 Walue per Tax Declaration: Land-Php 2.000.000

55,000,000 on February 14, 2018 At the time of his father's death, the property is mortgaged in the amount of Php ,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor-Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value-Php 3,000,000 Walue per Tax Declaration: Land-Php 2.000.000

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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