A, Canadian and living in USA, died in 2020 with following properties: Condominium in USA of 2M Shares of stocks of Foreign corp of 600,000 Interest in Partnership, domestic of 475,000 Bank deposit in Japan of 150,000 Car in Cebu, Phil, donated by A to B,inter vivos 5 years ago; 500,000 Cash in Bank in Manila transferred by A to C, revocable, 3 yrs ago; 1,000,000 What is the gross estate of A? If with reciprocity. X, decadent, RC, with properties of 4,000,000 in 2016. Actual funeral expenses are 150,000; and other claims against estate is 210,000. What is the net taxable estate?

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Q: Differentiate Tax from Taxation

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Q: Q: What amounts are deducted from the gross estate of a decedent? Please, include specific examples.…

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Q: How is sale of property recorded in individual taxation? What are the classifications of property…

A: Individual taxation involves the assessment and collection of taxes on income, capital gains, and…

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Q: Propose ethical suggestions to reduce estate tax and gift taxes on property transfers.

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Q: What is a taxable gift?

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Q: How can a taxpayer combine real estate undertakings?

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Q: ) Planning for estate taxes s

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Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.