A married citizen died leaving the following net estate: Exclusive properties of the decedent P 5,000,000.00 Common properties of the spouses 20,000,000.00 Total allowable deductions for LIT- common 3,800,000.00 Transfer for public use - exclusive 800,000.00 Vanishing deduction - common 500,000.00 The common properties include a family home worth P12,000,000. 1. Compute the net taxable estate. a. P 6,950,000 b. P 7,050,000 c. P 7,150,000 d. P 7,250,000 2. In the immediately preceding problem, compute the actual share of the surviving spouse in the net common properties, if there were expenses of the death and estate administration costs totaling P 400,000.a. P 7,650,000 b. P 7,850,000 c. P 7,900,000 d. P 8,100,000 3. Compute the estate tax due a. P 12,750,000 b. P 12,500,000 c. P 12,327,000 d. P 12,077,000
A married citizen died leaving the following net estate:
|
Exclusive properties of the decedent |
P |
5,000,000.00 |
|
Common properties of the spouses |
|
20,000,000.00 |
|
Total allowable deductions for LIT- common |
|
3,800,000.00 |
|
Transfer for public use - exclusive |
|
800,000.00 |
|
Vanishing deduction - common |
|
500,000.00 |
The common properties include a family home worth P12,000,000.
1. Compute the net taxable estate.
a. P 6,950,000
b. P 7,050,000
c. P 7,150,000
d. P 7,250,000
2. In the immediately preceding problem, compute the actual share of the surviving spouse in the net common properties, if there were expenses of the death and estate administration costs totaling P 400,000.a. P 7,650,000
b. P 7,850,000
c. P 7,900,000
d. P 8,100,000
3. Compute the estate tax due
a. P 12,750,000
b. P 12,500,000
c. P 12,327,000
d. P 12,077,000
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