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

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations

Section: Chapter Questions

Problem 23CE

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The following data pertain to the death of a resident alien: Property acquired by decedent prior to marriage Property acquired by surviving spouse prior to marriage Property inherited by decedent during marriage Property inherited by the surviving spouse during marriage Property acquired through labor during marriage Income derived from property inherited by the surviving spouse During marriage inclusive of income tax of 50,000 Time deposit (excluding interest before death, 90,000 and interest 600,000 700,000 800,000 900,000 1,000,000 450,000 After death, 60,000) 850,000 Required: Determine the gross estate under the following property relationships: 1. Conjugal partnership of gains regime: 2. Absolute community of property regime:
49. A, Filipino, married, died on January 2018, leaving the following: a Family Home b. Cash and other properties c. Benefits under RA 4917 d. Ordinary deductions for expenses, losses and taxes (ELIT) P 1,800,000 2,500,000 1,000,000 700,000 Determine the net taxable estate of A.
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7. COMPUTE: Gross estate
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Suzette inherited property from her father on April 19, 2022. The FMV at the date of death was $45.000. The property was worth $43.000six months later and had a basis to Suzette's father of $25,000. Required: a. What is the basis of the inherited property to Suzette 1. If the alternate valuation date was not elected?