a decedent died on nov. 1,2020 leaving a family home composed of the following: conjugal house worth P8,000,000, and the land which he exclusively owned valued at P4,000,000. he also owns a vacation house in baguio worth P7,000,000. the deductible amount of family home is: choices: 19,000,000 12,000,000 8,000,000 10,000,000

a decedent died on nov. 1,2020 leaving a family home composed of the following: conjugal house worth P8,000,000, and the land which he exclusively owned valued at P4,000,000. he also owns a vacation house in baguio worth P7,000,000. the deductible amount of family home is: choices: 19,000,000 12,000,000 8,000,000 10,000,000

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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2.
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Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since she purchased it. In 2020, she sells her home for $200,000. What is Susan's taxable gain on the sale? Group of answer choices $250,000 $0 $20,000 $170,000
36. One year prior to his death, Bobby lends his son $250,000 at a 10% interest rate per year to purchase land. As part of the promissory note, the promissory note will cancel upon Bobby's death. At the time of death no payments were made and Bobby did not seek payment from his son. Assuming this is John's only asset, what is the value of his gross estate? a. $0 b. $25,000 c. $250,000 d. $275,000
5. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1,500Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrixbelow on how to answer the question
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
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Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1,500 Calculate both Indexation and Discount Capital Gain. Later on you need to advise which one will give you a better result.