Answered: a. Net taxable estate; b. Estate tax;…

Business

Accounting

a. Net taxable estate; b. Estate tax; c. Net distributable estate

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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Question

Philippine Estate tax (Currency in Peso)

Leno (married) had the following at the time of his death:

Calculate the:

a. Net taxable estate;

b. Estate tax;

c. Net distributable estate

JOINT
EXCLUSIVE
300,000
800,000
5,000,000
CLAIMS AGAINST ESTATE
600,000
PERSONAL PROPERTY
1,300,000
REAL PROPERTY
25,000,000

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Step 3: b. Estate Tax:

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Step 4: c. Net Distributable Estate:

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