Mr. Ramos died with significant stock holdings as follows: • 1,000 Globe preferred stocks with P1,000 par value per share; • 40,000 San Miguel common shares with a par value of P100 per share; and • 80,000 stocks of Carmen Corporation with a par value of P50 per share. Book value PSE closing at the date of death Globe preferred P 1,000 P1,000 San Miguel common shares 250 300 Carmen common shares 45 - Which of the following is the amount to be included in the gross estate? a. P13,600,000 b. P15,000,000 c. P16,600,000 d. P17,000,000
Mr. Ramos died with significant stock holdings as follows: • 1,000 Globe preferred stocks with P1,000 par value per share; • 40,000 San Miguel common shares with a par value of P100 per share; and • 80,000 stocks of Carmen Corporation with a par value of P50 per share. Book value PSE closing at the date of death Globe preferred P 1,000 P1,000 San Miguel common shares 250 300 Carmen common shares 45 - Which of the following is the amount to be included in the gross estate? a. P13,600,000 b. P15,000,000 c. P16,600,000 d. P17,000,000
Chapter6: Corporations: Redemptions And Liquidations
Section: Chapter Questions
Problem 52P
Related questions
Question
Mr. Ramos died with significant stock holdings as follows:
• 1,000 Globe preferred stocks with P1,000 par value per share;
• 40,000 San Miguel common shares with a par value of P100 per share; and
• 80,000 stocks of Carmen Corporation with a par value of P50 per share.
Book value PSE closing at the date of death
Globe preferred P 1,000 P1,000
San Miguel common shares 250 300
Carmen common shares 45 -
Which of the following is the amount to be included in the gross estate?
a. P13,600,000 b. P15,000,000 c. P16,600,000 d. P17,000,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning