Among the properties included in the gross estate of the t the time of death is a three-story commercial building narket value of P13,000,000. During the settlement of t nd before the last day of paying the estate tax, the said lestroyed by fire. The fair market value at the time of the

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ef 120.

Among the properties included in the gross estate of the decedent
at the time of death is a three-story commercial building with a fair
market value of P13,000,000. During the settlement of the estate
and before the last day of paying the estate tax, the said property is
destroyed by fire. The fair market value at the time of the incident
was P12,000,000.
The amount of deductible loss will be
Transcribed Image Text:Among the properties included in the gross estate of the decedent at the time of death is a three-story commercial building with a fair market value of P13,000,000. During the settlement of the estate and before the last day of paying the estate tax, the said property is destroyed by fire. The fair market value at the time of the incident was P12,000,000. The amount of deductible loss will be
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