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Carlos, a non-resident citizen, died abroad intestate (without a last will and testament) during the taxable year. He left certain properties located in the Philippines and abroad. In the computation of the gross estate of Carlos for purposes of taxation in the Philippines, which of the following properties shall be included:    Only the properties located in the Philippines. All properties located in the Philippines and abroad. Only the properties located abroad. There shall be no transfer tax in the Philippines because Carlos died abroad

Carlos, a non-resident citizen, died abroad intestate (without a last will and testament) during the taxable year. He left certain properties located in the Philippines and abroad. In the computation of the gross estate of Carlos for purposes of taxation in the Philippines, which of the following properties shall be included:    Only the properties located in the Philippines. All properties located in the Philippines and abroad. Only the properties located abroad. There shall be no transfer tax in the Philippines because Carlos died abroad

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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Carlos, a non-resident citizen, died abroad intestate (without a last will and testament) during the taxable year. He left certain properties located in the Philippines and abroad. In the computation of the gross estate of Carlos for purposes of taxation in the Philippines, which of the following properties shall be included: 

 

Only the properties located in the Philippines.

All properties located in the Philippines and abroad.

Only the properties located abroad.

There shall be no transfer tax in the Philippines because Carlos died abroad

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