Compute for the vanishing deductionChe-che, a resident citizen, died on August 15, 2020. Details regarding her grossestate, are presented below:Conjugal propertyHouse, exclusive property of Che-cheOther exclusive property of Che-cheValue at the Deathof Che-cheP4,500,0001,500,0001,200,000Actual funeral expenses incurredJudicial expenses, incurred evenly for 12AmountP250,000480,000mos.Deductible claims against insolvent personsLoss from claims against insolvent personsInsured loss from earthquake420,000140,000200,000P178,911P183,202P232,404P271,010

It is a tax imposed on the transfer of the estate of a deceased person. It is a tax on the total…

Che-che, a resident citizen, died on August 15, 2020. Details regarding her gross estate, are presented below: Conjugal property House, exclusive property of Che-che Other exclusive property of Che-che Actual funeral expenses incurred Judicial expenses, incurred evenly for 12 mos Value at the Death of Che-che P4,500,000 1,500,000 1,200,000 Amount P250,000 480,000

Che-che, a resident citizen, died on August 15, 2020. Details regarding her gross estate, are presented below: Conjugal property House, exclusive property of Che-che Other exclusive property of Che-che Actual funeral expenses incurred Judicial expenses, incurred evenly for 12 mos Value at the Death of Che-che P4,500,000 1,500,000 1,200,000 Amount P250,000 480,000

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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