Number 1 question please Cash:• Cash on Hand (vault) - Php, 1,000,000Time deposits in Squid Bank Php 4,000,000• Savings deposits in Ulan Bank - Php 5,000,000Motor vehicles:. Brand new car -Php 5,000,000• 70's Vintage Car donated by his motherValue in market at time of death Php 5,000,000Acquisition Cost Php 4,000,000- Cost of repairs/remodeling - Php 3,000,000Other information:Conjugal Expenses• Funeral expense - Php 500,000• Accountants fees Php 4,000Lawyer's fees - Php 500,000Unpaid Medical expenses -Php 1.000 000How much is the total allowable deduction? Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021,Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return andpay the corresponding estate tax, if any:PROPERTIESFamily home:• Zonal value of land Php 5,000,000. Assessed value of land Php 3,000,000. Assessed value of house - Php 5,000,000Appraiser's value Php 20,000,0001,000 Shares in ABC Corp. a listed company:Opening price- Php 900Closing price - Php 1.200• Lowest Quote - Pnp 800Highest Quote - Php 1,500.Average Value Php 1,0002,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father:Audited Financial Statements of XYZ Corp. disclosed the following:• Assets - Php 10.000,000o Liabilities - Php 4.000.000o Outstanding shares of stocks- 10.000o Par value Php 100.00 per shareJewelry of Inday (wife)Value at time of purchase Php 1.000.000Note: Value at time of death of NicaorPhp 2.000.000

The tax levied on the transfer of a property after a person dies is known as the estate tax. The tax…

Answered: Cash: . Cash on Hand (vault) - Php,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Number 1 question please

Transcribed Image Text:Cash: • Cash on Hand (vault) - Php, 1,000,000 Time deposits in Squid Bank Php 4,000,000 • Savings deposits in Ulan Bank - Php 5,000,000 Motor vehicles: . Brand new car - Php 5,000,000 • 70's Vintage Car donated by his mother Value in market at time of death Php 5,000,000 Acquisition Cost Php 4,000,000 - Cost of repairs/remodeling - Php 3,000,000 Other information: Conjugal Expenses • Funeral expense - Php 500,000 • Accountants fees Php 4,000 Lawyer's fees - Php 500,000 Unpaid Medical expenses - Php 1.000 000 How much is the total allowable deduction?

Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021,
Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and
pay the corresponding estate tax, if any:
PROPERTIES
Family home:
• Zonal value of land Php 5,000,000
. Assessed value of land Php 3,000,000
. Assessed value of house - Php 5,000,000
Appraiser's value Php 20,000,000
1,000 Shares in ABC Corp. a listed company:
Opening price- Php 900
Closing price - Php 1.200
• Lowest Quote - Pnp 800
Highest Quote - Php 1,500
.Average Value Php 1,000
2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father:
Audited Financial Statements of XYZ Corp. disclosed the following:
• Assets - Php 10.000,000
o Liabilities - Php 4.000.000
o Outstanding shares of stocks- 10.000
o Par value Php 100.00 per share
Jewelry of Inday (wife)
Value at time of purchase Php 1.000.000
Note: Value at time of death of Nicaor
Php 2.000.000

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