GIVEN: ■ ■ Decedent - Filipino citizen Died - June 2021 ■ Marriage - April 2013 ■ Survived by - spouse, parents, 2 children Properties/Rights/Obligations at the time of death Residential house and lot (family home) purchased in 2014 Building apartment brought into the marriage (acquired in 2000) Income specifically identified from building apartment Bank deposit-EPCIB Agricultural land inherited by decedent 10 years ago from mother (value then 600,000) 19,000,000 20,000,000 3,000,000 5,000,000 800,000 Farm inherited by decedent 3 years ago from father (value when inherited 2,500,000) 2,800,000 Family car (acquired 2015) 550,000 Other properties 1,000,000 Unpaid mortgage building apartment Unpaid taxes building apartment 1,000,000 100,000

GIVEN: ■ ■ Decedent - Filipino citizen Died - June 2021 ■ Marriage - April 2013 ■ Survived by - spouse, parents, 2 children Properties/Rights/Obligations at the time of death Residential house and lot (family home) purchased in 2014 Building apartment brought into the marriage (acquired in 2000) Income specifically identified from building apartment Bank deposit-EPCIB Agricultural land inherited by decedent 10 years ago from mother (value then 600,000) 19,000,000 20,000,000 3,000,000 5,000,000 800,000 Farm inherited by decedent 3 years ago from father (value when inherited 2,500,000) 2,800,000 Family car (acquired 2015) 550,000 Other properties 1,000,000 Unpaid mortgage building apartment Unpaid taxes building apartment 1,000,000 100,000

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter17: Property Transactions: §1231 And Recapture Provisions

Section: Chapter Questions

Problem 46P

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Question

REQUIRMENTS:

1. Compute the Total Ordinary Deductions.

2. Compute the Total Special Deductions.

GIVEN:
• Decedent Filipino citizen
• Died - June 2021
• Marriage - April 2013
• Survived by - spouse, parents, 2 children
Properties/Rights/Obligations at the time of death
Residential house and lot (family home) purchased in 2014
Building apartment brought into the marriage (acquired in 2000)
Income specifically identified from building apartment
Bank deposit-EPCIB
Agricultural land inherited by decedent 10 years ago from mother
(value then 600,000)
Farm inherited by decedent 3 years ago from father (value when
inherited 2,500,000)
Family car (acquired 2015)
Other properties
Unpaid mortgage - building apartment
Unpaid taxes - building apartment
19,000,000
20,000,000
3,000,000
5,000,000
800,000
2,800,000
550,000
1,000,000
1,000,000
100,000

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