COMPREHENSIVE PROBLEM NO. 1: A decedent, married last April 7, 2015, died January 1, 2019. He left the following properties: ● ● Real properties inherited from his brother who died May 3, 2017: ● Riceland, P1,000,000 Residential land, P2,000,000 Coconut land inherited from his mother who died April 12, 2015, P420,000 Properties acquired through the wife's labor: • A golden necklace acquired by the husband during previous marriage which had a legitimate descendant, P80,000 The residential land inherited by the husband became their family home as certified by the Barangay Chairman. The riceland and the residential land were previously mortgaged for P350,000 when inherited where P200,000 was paid by the husband during his lifetime. The coconut land was mortgaged for P94,000 of which P14,000 was paid before his death. The husband, by Will, transferred to Mandaluyong City the sum of P200,000 for exclusively public purpose. ● ● The estate incurred the following expenditures: Funeral expenses, P140,000 Judicial expenses, P80,000 Medical expenses, P40,000 Portion of the family home destroyed by fire on January 5, 2019, P100,000 ● ● . .
COMPREHENSIVE PROBLEM NO. 1: A decedent, married last April 7, 2015, died January 1, 2019. He left the following properties: ● ● Real properties inherited from his brother who died May 3, 2017: ● Riceland, P1,000,000 Residential land, P2,000,000 Coconut land inherited from his mother who died April 12, 2015, P420,000 Properties acquired through the wife's labor: • A golden necklace acquired by the husband during previous marriage which had a legitimate descendant, P80,000 The residential land inherited by the husband became their family home as certified by the Barangay Chairman. The riceland and the residential land were previously mortgaged for P350,000 when inherited where P200,000 was paid by the husband during his lifetime. The coconut land was mortgaged for P94,000 of which P14,000 was paid before his death. The husband, by Will, transferred to Mandaluyong City the sum of P200,000 for exclusively public purpose. ● ● The estate incurred the following expenditures: Funeral expenses, P140,000 Judicial expenses, P80,000 Medical expenses, P40,000 Portion of the family home destroyed by fire on January 5, 2019, P100,000 ● ● . .
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Identify the correct answer to the following 1-3 (show solution):
1. What is the total gross estate of the decedent?
2. What is the total vanishing deduction?
3. What is the net share of the surviving spouse?
Transcribed Image Text:COMPREHENSIVE PROBLEM NO. 1:
A decedent, married last April 7, 2015, died January 1, 2019. He left the
following properties:
●
0
Real properties inherited from his brother who died
May 3, 2017:
0
Riceland, P1,000,000
Residential land, P2,000,000
Coconut land inherited from his mother who died April
12, 2015, P420,000
Properties acquired through the wife's labor:
●
A golden necklace acquired by the husband during
previous marriage which had a legitimate descendant,
P80,000
●
●
The residential land inherited by the husband became their family home
as certified by the Barangay Chairman. The riceland and the residential
land were previously mortgaged for P350,000 when inherited where
P200,000 was paid by the husband during his lifetime. The coconut land
was mortgaged for P94,000 of which P14,000 was paid before his death.
The husband, by Will, transferred to Mandaluyong City the sum of
P200,000 for exclusively public purpose.
.
The estate incurred the following expenditures:
• Funeral expenses, P140,000
• Judicial expenses, P80,000
●
.
Medical expenses, P40,000
Portion of the family home destroyed by fire on January
5, 2019, P100,000
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