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

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