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- Which statement is true? Statement 1: The maximum amount of deductible family home from the gross estate is P10,000,000 Statement 2: If the family home is exclusive property of the surviving spouse and has a current market value of P1,000,000, such amount is not subject to estate tax.Juan died leaving his wife, Juana, the following net conjugal properties: Gross estate, including P15,000,000 family home P 35,000,000.00 Ordinary deductions 3,400,000.00 1. Compute the estate tax due.T1.
- An estate has the following income: The interest income was immediately conveyed to the appropriate beneficiary. The dividends were given to charity as per the decedent’s will. What is the taxable income of the estate? $4,400 $5,000 $8,000 $8,400After one year from the death of her husband, Nancy Matyas received the proceeds of life insurance of her husband amounting to P1,254,400 including 12% interest per year. How much is the taxable amount? a. P1,254,400 b. P0 c. P134,400 d. P150,528 e. Answer not given17. TP had an adjusted basis in her LLC interest of $50,000 immediately before she received a current proportionate distribution of $20,000 cash, unrealized accounts receivable with a basis of 0 and a FMV of $10,000, and real property with a basis of $40,000 and a FMV of $50,000. Her basis in the distributed real property is: a. 0 b. $30,000 c. $20,000 d. $40,000 e. None of the above
- Jack and Jill exchange like-kind real estate assets as listed below: Jack's old asset: FMV $50,000; Adjusted Taxable Basis $23,000 Jill's old asset: FMV $70,000; Basis $55,000 If Jack pays Jill cash of $20,000 plus Jack's old asset, how much gain must Jill recognize on this transaction? $5,000 $10,000 $15,000 $20,000Tom and Elizabeth purchase land for $1,300,000—Tom furnishes $390,000 and Elizabeth $910,000 of the purchase price. Title to the property is held as joint tenants with right of survivorship. Elizabeth dies first 10 years later when the land is worth $2,600,000. a. How much of the property is included in Elizabeth's gross estate? $ 1,820,000 b. What is Tom's income tax basis in the property? $___The estate of Nancy Hanks reports the following information: What is the taxable estate value? $7,070,000. $7,100,000. $7,180,000. $7,420,000.
- Zac Peterson’s estate reports the following information: What is the taxable estate value?Pedro, single received the following during the taxable year: Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years P2,000,000 Proceeds of his mother's life insurance paid at an annual premium of P10,000 within 20 years 1,000,0000 House and lot inherited from his mother 4,000,000 Rent income from inherited properties 200,000 For income tax purposes, how much of the above items must be included in his gross income? a. P7,200,000 c. P200,000 b. P1,200,000 d. P1,825,000A married citizen died leaving the following net estate: Exclusive properties of the decedent P 5,000,000.00 Common properties of the spouses 20,000,000.00 Total allowable deductions for LIT- common 3,800,000.00 Transfer for public use - exclusive 800,000.00 Vanishing deduction - common 500,000.00 The common properties include a family home worth P12,000,000. 1. Compute the net taxable estate.a. P 6,950,000 b. P 7,050,000 c. P 7,150,000 d. P 7,250,000 2. In the immediately preceding problem, compute the actual share of the surviving spouse in the net common properties, if there were expenses of the death and estate administration costs totaling P 400,000.a. P 7,650,000 b. P 7,850,000 c. P 7,900,000 d. P 8,100,000 3. Compute the estate tax due a. P 12,750,000 b. P 12,500,000 c. P 12,327,000 d. P 12,077,000