Homework Help is Here – Start Your Trial Now!
Business
Accounting
Ir. Segundo Primero died. H nildren, Pedro and Juan. Th roperty in favor of their two onor's tax?

Ir. Segundo Primero died. H nildren, Pedro and Juan. Th roperty in favor of their two onor's tax?

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

timed task. need help. thanks!

about transfer taxes.

Mr. Segundo Primero died. His only heirs are his wife and their two (2} children, Pedro and Juan. The wife renounced her share in common property in favor of their two children. Was the renunciation subject donor's tax? Yes, because the renuncíation by the surviving spouse of hís/her share in the conjugal partnership or absolute community after the dissolution of the marriage was done in favor of specified heirs. Yes, because what was renounced is her share in the conjugal partnershíp or absolute community after the dissolution of the marriage in favor of the heirs of the deceased spouse or any other person/s. No, because, as a rule, the surviving spouse cannot renounce her share in the conjugal partnership or absolute community after the dissolution of the marriage. No, because the renunciation by the surviving spouse of his/her share in the conjugal partnership or absolute community after the dissolution of the marríage was not done in favor of a specified heir to the exclusion or disadvantage of the other co-heirs.
Transcribed Image Text:Mr. Segundo Primero died. His only heirs are his wife and their two (2} children, Pedro and Juan. The wife renounced her share in common property in favor of their two children. Was the renunciation subject donor's tax? Yes, because the renuncíation by the surviving spouse of hís/her share in the conjugal partnership or absolute community after the dissolution of the marriage was done in favor of specified heirs. Yes, because what was renounced is her share in the conjugal partnershíp or absolute community after the dissolution of the marriage in favor of the heirs of the deceased spouse or any other person/s. No, because, as a rule, the surviving spouse cannot renounce her share in the conjugal partnership or absolute community after the dissolution of the marriage. No, because the renunciation by the surviving spouse of his/her share in the conjugal partnership or absolute community after the dissolution of the marríage was not done in favor of a specified heir to the exclusion or disadvantage of the other co-heirs.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Reasons for Estate Planning
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
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