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He has the following properties: f Wife:

He has the following properties: f Wife:

FINANCIAL ACCOUNTING
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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Subject: Estate Taxation

X died in 2015. He has the following properties: What is the gross estate of X? Q1. x died in 2015. He has the following properties: Exclusive property of Wife: • Car 400,000 • Land 2,000,000 Personal property 800,000 Exclusive property of X: • House and lot, family home of 1,900,000 Other personal properties 800,000 Other real properties 1,500,000 Conjugal properties: • Cash of 500,000 • Receivables from Solvent persons 50,000 • Appliances 150,000 Allowed deductions-Conjugal: Funeral expenses of 195,000; Claims against insolvent persons of 30,000. 2 What is the net distributable net estate of X, before deducting the estate tax due.
Transcribed Image Text:X died in 2015. He has the following properties: What is the gross estate of X? Q1. x died in 2015. He has the following properties: Exclusive property of Wife: • Car 400,000 • Land 2,000,000 Personal property 800,000 Exclusive property of X: • House and lot, family home of 1,900,000 Other personal properties 800,000 Other real properties 1,500,000 Conjugal properties: • Cash of 500,000 • Receivables from Solvent persons 50,000 • Appliances 150,000 Allowed deductions-Conjugal: Funeral expenses of 195,000; Claims against insolvent persons of 30,000. 2 What is the net distributable net estate of X, before deducting the estate tax due.
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