Homework Help is Here – Start Your Trial Now!
Business
Accounting
How much is the estate tax due on the estate of Nicanor?

How much is the estate tax due on the estate of Nicanor?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
After paying the corresponding estate tax. How much is the estate tax due in estate of Nicanor.
After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor Php 5,000,000 House and lot Nicanor inherited from his fathe: BIR Zonal value Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2,000,000 2. House - Php 4,000,000
Transcribed Image Text:After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor Php 5,000,000 House and lot Nicanor inherited from his fathe: BIR Zonal value Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2,000,000 2. House - Php 4,000,000
The following are expenses / deductions paid/payable attributable to the estate at the time of his death: Outstanding balance of the mortgage on his father's property- Php 400,000 Unpaid mortgage on Nicanor's properties - Php 500,000 • Losses - Php 500,000 Total unpaid taxes - Php 100,000 Claims by hospitals on unpaid medical bills Php 500,00O • Donation to the City Government for Public Use - Php 500,000 How much is the estate tax due on the estate of Nicanor?
Transcribed Image Text:The following are expenses / deductions paid/payable attributable to the estate at the time of his death: Outstanding balance of the mortgage on his father's property- Php 400,000 Unpaid mortgage on Nicanor's properties - Php 500,000 • Losses - Php 500,000 Total unpaid taxes - Php 100,000 Claims by hospitals on unpaid medical bills Php 500,00O • Donation to the City Government for Public Use - Php 500,000 How much is the estate tax due on the estate of Nicanor?
Expert Solution
steps

Step by step

Solved in 4 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS