A resident Chinese national died and left assets in China valued at P80 million and in the Philippines valued at P20 million. For Philippine estate tax purposes the share of his surviving spouse in their conjugal partnership amounted to P15 million. The gross estate for Philippine estate tax purposes is?

Q: Estate Taxation

A: Estate Tax could be a tax on the correct of the individual to transmit his/her estate to his/her…

Q: An alien received P400,000.00 rental income from his property abroad and P200,000.00 compensation…

A: Income tax is the amount which is to be paid by the income earner as per the tax brackets. These tax…

Q: Mr. Fabic a Filipino died in Canada leaving the following: Cost Property Bank deposit Location…

A: Funeral and judicial expenses are allowed as deductions from the gross estate. It helps in lowering…

Q: total income subject to Philippine Tax

A: The income from sources outside Philippines is not taxable in the hands of non resident citizens of…

Q: Manny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in…

A: The answer is stated below:

Q: From the following particulars furnished by Mr.Suresh, pertaining to income ending on 31.3.2020,…

A: Solution-                                                            Computation of taxable income…

Q: How much is the income tax payable of Ana?

A: Calculating Ana's income tax payable derives from various sources of Income.

Q: tan a resident citizen, won P 2,000,000 in a raffle draw held in Singapore. The tax on the above…

A: The tax on prizes and winnings is calculated using a flat rate as specified by the tax laws of…

Q: Mr. Mark, Filipino resident and living with his adopted minor son, shows the following financial…

A: Mr. Mark, Filipino resident income are : Gross compensation income = P1300000 Capital gain =…

Q: a. Latifa made a loss of AED (3,500,000). However, Latifa received the following income and…

A: Taxable income:The tax income refers to the amount on which tax liability needs to be calculated…

Q: Jane received $1,530 of dividends from a foreign public corporation. $270 in foreign tax was…

A: Canadian residents getting the DTC against the dividend. Which they were getting from the government…

Q: Mr. Jerico, a nonresident Filipino actor, shot his movie under Star Cinema, Inc. (domestic…

A: The taxability of an income is based on the residential status of the individual. The ordinary…

Q: Which of the following is most likely not a trade transaction for income tax purposes?

A: Which of the following is most likely not a trade transaction for income tax purposes? A. In…

Q: If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. and then…

A: The objective of the question is to understand how international transactions are recorded in the…

Q: Carlos, a non-resident citizen, died abroad intestate (without a last will and testament) during the…

A: The correct answer for the above question is given in the following steps for your reference.

Q: ,000 and a net income from business of P700,000 for a year. Compute for the total income subject to…

A: Income is the sum value of money collected by an entity through multiple sources in a particular…

Q: 1)Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from…

A: a). i). Federal Tax amount = $ 29465.50ii). Average tax rate = 19.64 % (approx)iii). Effective tax…

Q: Mrs Judy, a South African resident who is 72 years old has the following investment income: South…

A: Gross income refers to the total earnings or revenue received by an individual or entity before any…

Q: If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. and then…

A: The objective of the question is to understand how the transactions of inheritance and purchase of…

Q: INSTRUCTIONS:   Read carefully, analyze and understand the problem.   For your answers,  provide…

A: In the case of a resident taxpayer, all of his income will be taxable in India, regardless of…

Q: Stan a non-resident citizen not enganged in trade or business, won P 2,000,000 in a raffle draw held…

A: Winning from lottery in Singapore is not taxable as these winnings are considered as windfalls and…

Q: Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income…

A: Taxable incomes which are chargeable at the rates of the ordinary income taxes is the income only…

Q: Ken donated the following properties Land in Los Angeles, California, U.S.A. - P250, 000 Land and…

A: The value of donated property is liable to gift tax when it is given by a person. The entire fair…

Q: he executor of Niel, a Filipino citizen based in Canada, provided details of his properties in…

A: Answer: Niel is citizen of Philippines He has income from both Philippines and Canada Philippines…

Q: The gross estate of a decedent included the following: Land & building, Philippines Cost P1,600,000…

A: According to the principle of reciprocity, only the taxpayer's home state will deduct income taxes…

Q: 300,000 500,000 300,000

A: The final tax of income is given as,

Q: From the following details of sale of a principal residence located in the Philippines by a resident…

A: Calculation of capital gain liability are as follows.

Q: 2. Assume that a resident citizen has the following taxable income from sources in the Philippines…

A: The question asked to compute the tax still due or payable after the tax credit.   According to the…

Q: Inday is settling the estate of his husband Nicanor, who died intestate. The following are the…

A: Estate Tax: Estate tax is  charged  on the estate of a person who has died and impose tax @ 6% based…

Q: Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands…

A: The government's need to make money is one of the main goals of estate taxes. The money raised by…

Q: 1. Determine the amount of final tax if the person is classified as non-resident citizen

A: Introduction An individual who primarily resides in one region or jurisdiction but has interests in…

Q: Irene sold his stocks in Seulgi Corporation (domestic corporation) to a foreign investor at a gain…

A: Income:- Income is defined as the money that an individual or business can earn, usually in exchange…

Q: Assuming Ana is a non-resident alien, the gross estate is: Ana, died in Syria leaving the following…

A: The residence status of an individual is taken into consideration while determining the estate tax…

Q: Assume that for year 2023, a resident citizen has the following income from sources in the…

A: Income tax credit: The income tax credit is the amount that income tax department allowed the…

Q: Mr Generous is a South African resident and contacted you as his tax practitioner to assist him in…

A: Under section 18A, the donation in cash or kind is limited to 10% of the taxable income of an…