lexiy is a 66 year old widow. His wife died about 3 years ago. Olexly died peacefully in his sleep and left the following assets in his estate: * Principal residence $615,000 (Individually owned: CB 300,000) RRIF $285210 (Beneficiary: Adult Son; ACB $185,000) Life Insurance $100,000 (Beneficiary: Estate) Non-registered Portfolio $277236 (Individually owned: CB $95,000) Assuming that Olexiy has no other income in the year of death, What amount of taxes would he owe assuming a tax rate of 40% in the year of death?
lexiy is a 66 year old widow. His wife died about 3 years ago. Olexly died peacefully in his sleep and left the following assets in his estate: * Principal residence $615,000 (Individually owned: CB 300,000) RRIF $285210 (Beneficiary: Adult Son; ACB $185,000) Life Insurance $100,000 (Beneficiary: Estate) Non-registered Portfolio $277236 (Individually owned: CB $95,000) Assuming that Olexiy has no other income in the year of death, What amount of taxes would he owe assuming a tax rate of 40% in the year of death?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Olexiy is a 66 year old widow. His wife died about 3 years ago. Olexly died peacefully in his sleep and left the following assets in his estate:
* Principal residence $615,000 (Individually owned: CB 300,000)
RRIF $285210 (Beneficiary: Adult Son; ACB $185,000)
Life Insurance $100,000 (Beneficiary: Estate)
Non-registered Portfolio $277236 (Individually owned: CB $95,000)
Assuming that Olexiy has no other income in the year of death, What amount of taxes would he owe assuming a tax rate of 40% in the year of death?
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