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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
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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?
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