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A decedent has the following properties at the time of death: Community Exclusive Personal Property Real Property P 1,000,000 P 900,000 4,000,000 -0- Family Home 1,500,000 5,500,000 Claims against the 500,000 800,000 estate

A decedent has the following properties at the time of death: Community Exclusive Personal Property Real Property P 1,000,000 P 900,000 4,000,000 -0- Family Home 1,500,000 5,500,000 Claims against the 500,000 800,000 estate

FINANCIAL ACCOUNTING
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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A decedent has the following properties at the time of death: Community Exclusive Personal Property P 1,000,000 P 900,000 Real Property 4,000,000 -0- Family Home 1,500,000 5,500,000 Claims against the estate 500,000 800,000 The community's personal properties include a bank deposit under the narme of the decedent. The heirs withdrew P100,000 a few days after the decedent's death and the depository bank was informed of such death. What is the most advantageous method to reduce their estate tax liability? Exclude the withdrawn amount in the gross estate Include the withdrawn amount in the gross estate All methods will result to the same estate tax liability of P -0-
Transcribed Image Text:A decedent has the following properties at the time of death: Community Exclusive Personal Property P 1,000,000 P 900,000 Real Property 4,000,000 -0- Family Home 1,500,000 5,500,000 Claims against the estate 500,000 800,000 The community's personal properties include a bank deposit under the narme of the decedent. The heirs withdrew P100,000 a few days after the decedent's death and the depository bank was informed of such death. What is the most advantageous method to reduce their estate tax liability? Exclude the withdrawn amount in the gross estate Include the withdrawn amount in the gross estate All methods will result to the same estate tax liability of P -0-
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