Mr. F married, under absolute community, died on May 14, 2019, leaving the following:P 10,350,000650,0002,000,000300,000Family Home (house)Bank DepositCoconut PlantationOther properties acquired thru labor(inclusive of jewelry, P200,000)Family Lot (inherited 1 year before his marriage w/cis 4 ½ years from the date of death)Family Vacation House, Baguio City2,000,000800,000Deductions:Funeral ExpenseAmt. pledged as contribution for construction of parish churchAccounts Receivable (documented) from debtor who is insolventUnpaid Mortgage on coconut plantation80,00020,00040,000200,000Note: Family lot - FMV 4 % years ago1,000,000Compute: Net Taxable Estate and estate tax due

When determining inheritance taxes, funeral costs are frequently subtracted from the dead person's…

Mr. F married, under absolute community, died on May 14, 2019, leaving the following: Family Home (house) P 10,350,000 Bank Deposit Coconut Plantation Other properties acquired thru labor 650,000 2,000,000 300,000 (inclusive of jewelry, P200,000) is 4 ½ years from the date of death) Family Lot (inherited 1 year before his marriage w/c 2,000,000 Family Vacation House, Baguio City 800,000 Deductions: Funeral Expense Amt. pledged as contribution for construction of parish church Accounts Receivable (documented) from debtor who is insolvent Unpaid Mortgage on coconut plantation Note: Family lot - FMV 4 1/2 years ago Compute: Net Taxable Estate and estate tax due 80,000 20,000 40,000 200,000 1,000,000

Mr. F married, under absolute community, died on May 14, 2019, leaving the following: Family Home (house) P 10,350,000 Bank Deposit Coconut Plantation Other properties acquired thru labor 650,000 2,000,000 300,000 (inclusive of jewelry, P200,000) is 4 ½ years from the date of death) Family Lot (inherited 1 year before his marriage w/c 2,000,000 Family Vacation House, Baguio City 800,000 Deductions: Funeral Expense Amt. pledged as contribution for construction of parish church Accounts Receivable (documented) from debtor who is insolvent Unpaid Mortgage on coconut plantation Note: Family lot - FMV 4 1/2 years ago Compute: Net Taxable Estate and estate tax due 80,000 20,000 40,000 200,000 1,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

50. Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left the following: a. Property inherited by Mr. O from his father who died February 14, 2013 b. Property inherited by Mrs. O from her father who died February 14, 2014 c. Property inherited by Mr. O from his mother who died February 14, 2015 d. Property inherited by Mrs. O from her mother who died February 14, 2016 c. Property acquired thru the labor of P3,000,000 1,200,000 1,800,000 1,400,000 Mr. O Mrs. O Mr. & Mrs. O (family bome) 2,000,000 1,500,000 2,400,000 1,600,000 f. Other personal property Deductions claimed by the estate: a. Funeral expense b. Unpaid mortgages on property in letters: a 500,000 c. Claims against the estate d. Accrued taxes (before the death of Mr.O) 220,000 b. 300,000 c. 180,000 d 200,000 170,000 80,000 Determine the net taxable estate assuming 1. Conjugal partnership of gains 2. Absolute community of property
3
aa.1
Mr. A, Filipino, married, died on January 1, 2020 leaving the following: a.) Property inherited from his father who died January 2, 2019: 1. Agricultural land 2. Residential land P 300,000 700,000 b.) Property inherited from his mother who died on November 1, 2014, one day after Mr. A's marriage to Mrs. A. P 400,000 200,000 1. Fish Pond 2. Jewelry c.) Property acquired thru Mr. A's labor 1. Řesidential house and lot used as family home P10,800,000 900,000 2,800,000 2. Motor Vehicles 3. Commercial Land The commercial land has a mortgage of P300,000 of w/c P 200,000 was paid by Mr. A before his death. Also, Mr. A by will bequeathed to the City of Manila for exclusive public purpose the sum of P50,000. The agricultural land and residential land were previously mortgage for P400,000 when inherited whose P150,000 was paid by Mr. A during his lifetime. The estate tax incurred the following expenses a. Funeral Expense b. Judicial Expense c. Claims against the estate P90,000 80,000 250,000…
Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits - Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija - Php 10,000,000 Other Exclusive properties - Php 2,000,000 Community Deductions: Funeral Expenses - Php 500,000 Other Valid Deductions - Php 1,000,000 Medical Expenses - Php 1,000,000 Case 1: Assuming Nicanor is head of the family, how much is the estate tax due? Case 2: Assuming Nicanor is head of the family, how much is the net distributable estate? Case 3: How much is the estate tax due?
Voytek transfers land worth $200,000 with an adjusted basis of $17,000 to his wife Gosha for her birthday. The land was purchased 3 years ago. Assume no gift tax was paid on the transfer. a) Does Gosha have gross income as a result of the gift? Yes or No. No? b If the answer is no, Explain why. c)What is Gosha basis in the land? d)What is Gosha holding period in the land?