ESSAY QUESTION NO. 02 Mr. A, 90 years old and suffering from an Stage IV Terminal Lung Cancer, decided to sell for valuable and sufficient consideration a property to his son. After one year, Mr. A unfortunately died. In the settlement of Mr. A's estate, the BIR argued that the house and lot were transferred in contemplation of death and should therefore form part of the gross estate for estate tax purposes. Is the BIR correct?
ESSAY QUESTION NO. 02 Mr. A, 90 years old and suffering from an Stage IV Terminal Lung Cancer, decided to sell for valuable and sufficient consideration a property to his son. After one year, Mr. A unfortunately died. In the settlement of Mr. A's estate, the BIR argued that the house and lot were transferred in contemplation of death and should therefore form part of the gross estate for estate tax purposes. Is the BIR correct?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ESSAY QUESTION NO. 02
Mr. A, 90 years old and suffering from an Stage IV Terminal Lung Cancer, decided to sell for valuable and sufficient consideration a property to his son. After one year, Mr. A unfortunately died. In the settlement of Mr. A's estate, the BIR argued that the house and lot were transferred in contemplation of death and should therefore form part of the gross estate for estate tax purposes. Is the BIR correct?
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