Mr. A a piece of land and a car from her father on March 18, 2020, At inheritance, data on the properties were: Fair market value of land Fair market value of car Mortgage on the land Mr. A's payment during her lifetime on the mortgage was P1,600,000 240,000 600,000 P100,000 On July 29, 2021, Mr. A died. Included in his gross estate of P4,500,000 was: The land inherited from the father, fair market value The car inherited from the father, fair market value P1,800,000 Deductions from the gross estate of Miss C for expenses, losses, indebtedness, unpaid mortgage, taxes, etc., (selected ordinary deductions) amounted to (a) How much is the vanishing deduction? 100,000 600,000 (b) How much is the net taxable estate? Mr. Z died with a gross estate consisting of: Family home has Claims against the estate How much is the total of deductions from the gross estate? P13,000,000 500,000
Mr. A a piece of land and a car from her father on March 18, 2020, At inheritance, data on the properties were: Fair market value of land Fair market value of car Mortgage on the land Mr. A's payment during her lifetime on the mortgage was P1,600,000 240,000 600,000 P100,000 On July 29, 2021, Mr. A died. Included in his gross estate of P4,500,000 was: The land inherited from the father, fair market value The car inherited from the father, fair market value P1,800,000 Deductions from the gross estate of Miss C for expenses, losses, indebtedness, unpaid mortgage, taxes, etc., (selected ordinary deductions) amounted to (a) How much is the vanishing deduction? 100,000 600,000 (b) How much is the net taxable estate? Mr. Z died with a gross estate consisting of: Family home has Claims against the estate How much is the total of deductions from the gross estate? P13,000,000 500,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Mr. A, single, inherited a piece of land and a car from her father on March
18. 2020, At inheritance, data on the properties were:
Fair market value of land
Fair market value of car
Mortgage on the land
Mr. A's payment during her lifetime on the mortgage was
On July 29, 2021, Mr. A died. Included in his gross estate of P4,500,000
P1,600,000
240,000
600,000
P100,000
was:
The land inherited from the father, fair market value
The car inherited from the father, fair market value
Deductions from the gross estate of Miss C for expenses, losses,
indebtedness, unpaid mortgage, taxes, etc., (selected ordinary
deductions) amounted to
P1,800,000
100,000
600,000
(a) How much is the vanishing deduction?
(b) How much is the net taxable estate?
Mr. Z died with a gross estate consisting of.
Family home
has
P13,000,000
500,000
Claims against the estate
How much is the total of deductions from the gross estate?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe117d237-960c-4252-9134-944a0a3f01cc%2Fe915b1ed-fac0-4a78-90ff-530a8e4ac61c%2Fsmrsx_processed.png&w=3840&q=75)
Transcribed Image Text:Mr. A, single, inherited a piece of land and a car from her father on March
18. 2020, At inheritance, data on the properties were:
Fair market value of land
Fair market value of car
Mortgage on the land
Mr. A's payment during her lifetime on the mortgage was
On July 29, 2021, Mr. A died. Included in his gross estate of P4,500,000
P1,600,000
240,000
600,000
P100,000
was:
The land inherited from the father, fair market value
The car inherited from the father, fair market value
Deductions from the gross estate of Miss C for expenses, losses,
indebtedness, unpaid mortgage, taxes, etc., (selected ordinary
deductions) amounted to
P1,800,000
100,000
600,000
(a) How much is the vanishing deduction?
(b) How much is the net taxable estate?
Mr. Z died with a gross estate consisting of.
Family home
has
P13,000,000
500,000
Claims against the estate
How much is the total of deductions from the gross estate?
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