How much is the Gross Estate?Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of hissurviving spouse.The following information were made available:Real property in Baguio City was acquired during marriage. Said property is supportedby a barangay certification that the spouses resided in this property at the time of Mr.Musay's death. The fair market value of this property as per latest tax declaration isP15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said realproperty was held as a mortgage in a loan applied by the spouses. As of the time ofdeath, the outstanding balance of the mortgage payable amounted to P5,000.000.Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two anda half years ago, from his late father. The fair market value per tax declaration as of hisdeath is P8,000,000 while the zonal valuation is P12,000,000. Said property waspreviously taxed at a value of P10,000,000 when Mr. Musay inherited the property.Real property in San Juan, La Union, donated to Mrs. Musay, 10 years ago (beforemarriage) by his parents-in-law. The fair market value as per latest tax declaration as ofthe time of Mr. Musay's death is P3,000,000 while the zonal valuation is P4,000,000.Other exclusive properties of Mr. Musay amounting to P1,000,000. Other properties ofMr. and Mrs. Musay- P3,000,000. Funeral expenses incurred during the wake and burialof Mr. Musay amounted to P1,900,000.P40,000,000P37,000,000P36,000,000P20,000,000

Gross Estate refers to the value of the property owned by the person which is the amount that…

Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000.

Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000.

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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