Mr. Dela Cruz died on March 10, 2019 with a gross estate amounting to Php125M. This includes a family home with a current fair market value amounting to Php12.5M. 1. How much is the total allowable deduction? 2. How much is the total tax due of Mr. Dela Cruz for the taxable year 2019?

Mr. Dela Cruz died on March 10, 2019 with a gross estate amounting to Php125M. This includes a family home with a current fair market value amounting to Php12.5M. 1. How much is the total allowable deduction? 2. How much is the total tax due of Mr. Dela Cruz for the taxable year 2019?

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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Question

Mr. Dela Cruz died on March 10, 2019 with a gross
estate amounting to Php125M. This includes a family
home with a current fair market value amounting to
Php12.5M.
1. How much is the total allowable deduction?
2. How much is the total tax due of Mr. Dela Cruz
for the taxable year 2019?

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