A decedent died, leaving the following properties: Newly purchased jeepney P 12,000,000 An old model Ford Expedition 18,000,000 Land, mortgaged to a bank for P1,000,000 2,000,000 500 grams of pure gold 4,000,000 The Ford Expedition was refurbished by the decedent, making it readily saleable at P1,800,000 in the second-hand market. The land had a zonal value of P4,000,000 and an assessed value of P2,500,000. The Bangko Sentral ng Pilipinas (BSP) was buying gold at P1,800 per gram at the date of death of the decedent. Which of the following is the amount to be included in the gross estate? a. P6,550,000 b. P6,900,000 c. P7,150,000 d. P7,900,000
A decedent died, leaving the following properties: Newly purchased jeepney P 12,000,000 An old model Ford Expedition 18,000,000 Land, mortgaged to a bank for P1,000,000 2,000,000 500 grams of pure gold 4,000,000 The Ford Expedition was refurbished by the decedent, making it readily saleable at P1,800,000 in the second-hand market. The land had a zonal value of P4,000,000 and an assessed value of P2,500,000. The Bangko Sentral ng Pilipinas (BSP) was buying gold at P1,800 per gram at the date of death of the decedent. Which of the following is the amount to be included in the gross estate? a. P6,550,000 b. P6,900,000 c. P7,150,000 d. P7,900,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A decedent died, leaving the following properties:
Newly purchased jeepney P 12,000,000
An old model Ford Expedition 18,000,000
Land, mortgaged to a bank for P1,000,000 2,000,000
500 grams of pure gold 4,000,000
The Ford Expedition was refurbished by the decedent, making it readily saleable at P1,800,000 in the
second-hand market. The land had a zonal value of P4,000,000 and an assessed value of P2,500,000.
The Bangko Sentral ng Pilipinas (BSP) was buying gold at P1,800 per gram at the date of death of the
decedent.
Which of the following is the amount to be included in the gross estate?
a. P6,550,000 b. P6,900,000 c. P7,150,000 d. P7,900,000
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