Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?
Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax:
Location of properties |
Philippines |
New Zealand |
Gross estate |
8,000,000 |
10,000,000 |
Allowable Deductions |
5,000,000 |
4,000,000 |
Net estate |
3,000,000 |
6,000,000 |
Estate tax paid |
|
Php 600,000 |
How much is the ESTATE TAX PAYABLE?
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