48. Mr. A, Filipino, married to B with whom he has two children died on February 14, 2018. Theinventory of the properties of the spouses show the following:a. House and lot in Manila owned by A before the marriageb. Agricultural land owned by B before the marriagec. Real property acquired during marriaged Family home acquired during mariagee. Personal property acquired during marriagef. Commercial building in Makati inherited by A during marriage from his fatherwho died on February 14, 1987& Apartment house inherited by B during marriage from her mother who died onFebruary 14, 2003h Proceeds of life insurance where the estate A was designated as the irrevocablebeneficiaryi Proceeds of life insurance where B was designated as the irrevocable beneficiaryP3,000,0001,200,0002,000,0002,200,0001,400,0002,000,0004,000,0001,000,0002,000,000Deductions claimed by the estate:1. Legacy given in favour of Philippines government in deccdent's will P300,0002. Claims against the estte3. Unpa't mortg y on agricultural land (letter b ahove)4. Funeiai expenses5. Judicial expenses100,000400,000180,000600,000Determine the estate tax đuc and payable.

Gross Estate refers to the value of the property owned by the person which is the amount that…

Answered: House and lot in Manila owned by A…

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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Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
Mr. F married, under absolute community, died on May 14, 2019, leaving the following: P 10,350,000 650,000 2,000,000 300,000 Family Home (house) Bank Deposit Coconut Plantation Other properties acquired thru labor (inclusive of jewelry, P200,000) Family Lot (inherited 1 year before his marriage w/c is 4 ½ years from the date of death) Family Vacation House, Baguio City 2,000,000 800,000 Deductions: Funeral Expense Amt. pledged as contribution for construction of parish church Accounts Receivable (documented) from debtor who is insolvent Unpaid Mortgage on coconut plantation 80,000 20,000 40,000 200,000 Note: Family lot - FMV 4 % years ago 1,000,000 Compute: Net Taxable Estate and estate tax due
A 87.
A husband and wife filed for divorce and entered into a written agreement as part of a pending divorce settlement that the husband would transfer to the wife the following property: a house valued at $500,000 and jewelry valued at $10,000. Eighteen months later, the couple obtained a final divorce decree. Which of the following statements is correct concerning the transfer of the property? A. Only personal property transferred as part of a divorce settlement is subject to income tax. B. Both real and personal property transferred as part of the divorce settlement are subject to income tax. C. Only real property transferred as part of a divorce settlement is subject to income tax. D. None of the transferred property is subject to income
The following information were from the estate of a married decedent who died on June 2016:Property: Family home acquired during marriage ₱15,000,000 Domestic shares inherited 6 years ago during marriage ₱10,000,000 Bank deposit, representing dividend earned during the marriage ₱1,000,000 Jewelry received as gift 8 years ago during marriage ₱2,000,000Expenses: Losses ₱1,000,000 Unpaid taxes ₱500,000 Unpaid mortgage ₱1,500,000 QUESTION: 1. ½ share of the surviving spouse is 2. Net taxable estate of the decedent is
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
Ss.243.
59. Upon death of Nicanor and after payment of the estate tax, it was determined that the net distributable estate amounted to Php 3,000,000.00 while the conjugal share of Inday as surviving spouse amounted to Php 5,000,000.00. Under the Rules of Succession, the following are the sharing in net distributive estate: Inday - ⅓ Jose - ⅓ Boni - ⅓ Assuming Inday waived her conjugal share in favor of his two children, the donor’s tax is? Answer:_______________
Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1, 2021 leaving the following properties Real properties: Family home in Laguna (Zonal Php 8 Million; Assessed value Php 4 Million) Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) Inherited house in Manila (Zonal value Php 10 Million; Assessed value Php 5 Million) Other personal properties: Motor vehicles New car – Php 2 Million Used car – Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million Cash Cash in vault – Php 1 Million Cash in Bank of Macabeybi – Php 5 Million Cash in Bank of Pilipens – Php 5 Million Conjugal/Community Deductions: Funeral expense – Php 2 Million Mausoleum – Php 2 Million Judicial expenses – Php 1 Million Unpaid medical expenses – Php 10 Million How much…
4. COMPUTE: Inheritance of brother 5. COMPUTE: Inheritance of girlfriend (mother of child) 6. COMPUTE: Inheritance of son
50. Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left the following: a. Property inherited by Mr. O from his father who died February 14, 2013 b. Property inherited by Mrs. O from her father who died February 14, 2014 c. Property inherited by Mr. O from his mother who died February 14, 2015 d. Property inherited by Mrs. O from her mother who died February 14, 2016 c. Property acquired thru the labor of P3,000,000 1,200,000 1,800,000 1,400,000 Mr. O Mrs. O Mr. & Mrs. O (family bome) 2,000,000 1,500,000 2,400,000 1,600,000 f. Other personal property Deductions claimed by the estate: a. Funeral expense b. Unpaid mortgages on property in letters: a 500,000 c. Claims against the estate d. Accrued taxes (before the death of Mr.O) 220,000 b. 300,000 c. 180,000 d 200,000 170,000 80,000 Determine the net taxable estate assuming 1. Conjugal partnership of gains 2. Absolute community of property

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