e died. Which of the following statements is correct ? The decedent would not be allowed family home deduction because he was abroad when he died The decedent would not be allowed family home deduction because he was non-resident citizen when he died The decedent would be allowed family home deduction becaus

e died. Which of the following statements is correct ? The decedent would not be allowed family home deduction because he was abroad when he died The decedent would not be allowed family home deduction because he was non-resident citizen when he died The decedent would be allowed family home deduction becaus

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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Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands where he works as an OFW. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Philippines Brazil Netherlands Gross estate 5,000,000 20,000,000 15,000,000 Allowable Deductions 5,000,000 10,000,000 5,000,000 Net estate 0 10,000,000 10,000,000 Estate tax paid Php 500,000 1,500,000 How much is the ESTATE TAX PAYABLE?
Mr. Guy a citizen of Tokyo, single, died leaving a gross estate of 15,000,000 in the Philippines and 3,000,000 in Tokyo. Expenses, losses, indebtedness, taxes, etc., in the Philippines amount to 6,000,000, while expenses, losses, indebtedness, taxes, etc., in Tokyo amounted to 1,000,000. How much is the total deductions from the Philippine gross estate? 1. How much is the total deductions from the Philippine gross estate? 2. How much is the total deductions from the Philippine gross estate?
A married taxpayer files a separate tax return from his wife and does not participate in an employer-sponsored retirement plan at work. The taxpayer has moved out of the couples' home, but lived with his spouse part of the year. The taxpayer cannot deduct any contributions he makes to his traditional IRA if his modified AGI exceeds $_______________?
Interview Notes Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. Marsha earned wages of $18,500 and had $1,500 of federal income tax withholding in tax year 2020. Marsha gave birth to Shelby on November 10, 2020. Marsha paid all the cost of keeping up a home and support for Shelby. Shelby and Marsha are U.S. citizens and have valid Social Security numbers. Marsha filed Single with no dependents on her 2019 tax return and received a $1,200 Economic Impact Payment in May 2020. 4. Marsha qualifies for the recovery rebate credit of $500 for Shelby.Note: Congress may have enacted additional legislation that will affect taxpayers after this publication went to print. Please answer questions based on the information provided in Publication 4491, VITA/TCE Training Guide and Publication 4012, VITA/ TCE Resource Guide. True False
Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash- basis consulting practice that had the following income and expenses: Revenue Laptop computer purchased 4/23/21 (§ 179 elected) Travel: 2,500 miles for business, 13,000 personal Supplies Cell phone charge $ 53,000 3,300 500 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding Other income: $ 49,000 5,200 49,000 3,038 711 2,265 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated-Ordinary dividends…
Your client wants to purchase a residence for his aging parents, while minimizing the burden of ownership of the property for them and maximizing their enjoyment of it. Which one of the following states an advantage of titling the property in your client's name as sole owner rather than in joint tenancy with right of survivorship with his parents? A) The property will receive a step-up in basis when his parents die. B) The property will pass to his parents outside of probate. C) He will avoid gift tax liability by titling the property this way. D) His parents will have a life estate in the property if he predeceases them.
48 Inday, a resident of Manila City is the executor of Nicanor, a Filipino migrant in Canada. Nicanor’s home province in the Philippines is Pampanga while the property is located in Cebu City. In processing Nicanor’s estate, the estate tax return shall be filed in: Group of answer choices Office of the Commissioner thru RDO 39-South Quezon City Manila City Cebu City Pampanga
Bret, a resident of Nevada, wants to bring a tort claim (a type of civil lawsuit) against Steve, a resident of Tennessee, for damage to Bret's house in Nevada. To use a long-arm statute to obtain personal jurisdiction over Steve, the Nevada court must find that Multiple Choice Steve committed a crime in Nevada Steve also damaged property in Tennessee and owns a home in Tennessee Steve has committed prior torts in Nevada Steve committed the tort in Nevada
63. Goyo, a non-resident citizen, returned to the Philippines on July 1 with the intention of permanently resettling therein. The proper treatment of the income is: Income from January 1 to June 30 Without Exempt Exempt Income from July 1 to December 31 Within Within Without Taxable Exempt Exempt Taxable а. Taxable Тахable b. Taxable Тахable Taxable Exempt Exempt С. d. Taxable Тахable Taxable
A U.S. citizen who is married to a nonresident alien can file a joint return as long as both spouses: O Are living overseas and do not lan Have valid Social Security numbers. Sign the return and agree to be taxed on their worldwide income. Are physically present in the U.S.
A non-resident citizen of the Philippines is allowing his China-resident neighbor to live in his home during the latter’s vacation in the Philippines. When the Chinese traveller arrived in the Philippines, the non-resident citizen of the Philippines called him and told him to give the rental payment to his cousin who lives in the Philippines and manages the said house. The Chinese man agreed and the non-resident citizen of the Philippines called his cousin to tell him that the payment he will be receiving would represent his bonus for managing the house. Is the rent payment received by the cousin taxable in the PH? If yes, specify what kind of tax is due and provide the relevant article from the PH Tax Code)