Mr. Sy died leaving the following properties:  Rest house in Cebu, acquired before marriage 7,000,000  Income from rest house in Cebu 700,000  Condominium in Davao, brought to marriage by wife 3,600,000  Income from condominium in Davao 360,000 Town house in Quezon City, acquired during marriage 10,200,000  Income from town house in Quezon City 1,020,000  Car, inherited by wife during the marriage ( the decedent provided in his will that it shall form part of the common properties of the spouses) 1,300,000  Jewelry, acquired during marriage for exclusive use of the wife 200,000      How much is the gross estateunder Conjugal Partnership of Gains?

Q: Several years ago, sisters Jan and Jill, purchased an apartment complex and titled it as joint…

A: Gross estate refers to the term which is used for defining the total or aggregate dollar value of…

Q: Compute for the conjugal property, and for Concepcion’s exclusive properties.

A: Conjugal property is the value of the property which has been acquired or purchased by the partners…

Q: Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and…

A: If the heirs, administrators, or executors withdraw monies from the bank account of the decedent…

Q: Mr. Fabic a Filipino died in Canada leaving the following: Cost Property Bank deposit Location…

A: Funeral and judicial expenses are allowed as deductions from the gross estate. It helps in lowering…

Q: Carl made the following transfers during the current year. What are Carl’s taxable gifts for the…

A: ANSWER     Where any transfer is made to any individual for inadequate consideration is called a…

Q: Kase, an individual, purchased some property in Potomac, Maryland, for $150,000 approximately 10…

A: calculation of Kase realized gain or loss  -   realized gain = total amount realized in sale -…

Q: What is Ms. Eun’s reportable gross estate?

A: Gross estate is the value of all property at any time of a person at any time before any deductions…

Q: June and Henry Martin, a married couple, purchased property jointly for $200,000 ten years before…

A: In this question, we have been given two values of the property and the married couple who bought…

Q: Bruce and June were married. At the time of Bruce's death, they owned the following: land as tenants…

A: Marital Deduction Allowed The marital deduction allows for a deduction from the adjusted gross…

Q: Mrs. Moises, a resident decedent, died leaving the following properties: Car purchased using GSIS…

A: To compute the amount to be included in the gross estate of Mrs. Moises, we need to consider all the…

Q: 1. David Collins died during the current year. The personal representative of David's estate…

A: Gross Estate is the value of an individual’s assets at the time of a person’s death and the Estate…

Q: Zack died on November 15th. The assets in his estate were valued at the date of death and on the…

A: AssetDate of death value Alternate Valuation date value…

Q: Considering he left a will, how much of the free portion is to be received by the church?

A: Article 163 of the Family Code of the Philippines states that children conceived or born during the…

Q: House and lot in Manila owned by A before the marriage Mr. A, Filipino, married to B with whom he…

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

Q: assuming nicanor is head of the family, how much is the estate tax due?

A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: us organization and restricted to be used for program expenses of the latter. *Cash in…

A: Solution :  Calculation Of Gross Estate  of the decedent : Cash in Bank 1,000,000.00 Receivables…

Q: ec. 1245 property acquired in 1983 for $850.000 have been claimed. Martha inherits the me amount of…

A: The answer has been mentioned below.

Q: 6 Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take…

A: Gross estate:The sum of the property or the assets owned by the person who is dead is known as gross…

Q: In 2018, Jane sold land to her brother Joe. Joe paid Jane $45,000 in cash for the land, and Jane's…

A: Capital gain is the profit realized from the sale of a capital asset, such as stocks, real estate,…

Q: Roger Kramer’s wife Sarah passed away five years ago, and she made Roger promise to continue to…

A: Schedule of distribution to the principal and income: Particulars Principal Amount Income Amount…

Q: DEMISE LAUREL, a resident of Canada and a Canadian citizen as well, died last June 30, 2021 leaving…

A: As per tax rules in Canada ,  Gross Estate is the value of a person's estate at the time of…

Q: Deduction for family home is

A: Family home inherited land is deducted 1/2 or 50% of total amount.

Q: Kase, an individual, purchased some property in Potomac, Maryland, for $228,000 approximately 10…

A: Unrealized gains and losses: These are gains and losses which are unrealized and are the result of…

Q: X, died in 2013 with the following properties: (Under ACOP) Real properties acquired before marriage…

A: Estate taxEstate tax is the amount of tax paid on the value of property or assets like land,…

Q: Amount Realized, Type and amount of Basis, and Gain or Loss

A: Meaning of Fair Market Value(FMV)   A subjective estimate of what a willing buyer would pay a…

Q: Mel and Susan Carter are working with an estate planner for disposition of their property during…

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: Monique, 61, created a custodial account and transferred $15,000 to the account for the benefit of…

A: Generation-Skipping Tax: The generation-skipping tax (GST), additionally alluded to as the…

Q: a. Amount of taxable gift b. Amount of gain $ 114,500 X $ 121,800

A: A gift tax is a levy imposed on the transfer of assets or property from one individual to another…

Q: Cody and Chelsi, who are married to each other, own their home together titled as community…

A: Federal Income Tax -The federal government is responsible for collecting federal income taxes,…

Q: Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax…

A: The gross estate is the total amount of assets held by the deceased person at the time of his or her…

Q: Mr. F married, under absolute community, died on May 14, 2019, leaving the following: Family Home…

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

Q: When Jen dies this year her gross estate included the following: . Cash $271,658 held in Jen's name…

A: Unlimited marital deduction allows an individual to transfer unlimited property in the name of his…

Q: registered in the name of his brother

A: Gross estate include properties held in own name.Gross estate include properties held in own name.

Q: ill's spouse Bob died six months ago. Their daughter is 20 years old and in university. Bob did not…

A: At times a person may die without a will leaving behind an estate that needs to be divided between…

Q: Marcus purchased Vinnie and Marie’s personal residence for $225,000 cash and the assumption of their…

A: The objective of the question is to calculate the amount of gain that Vinnie and Marie should…

Q: 36. One year prior to his death, Bobby lends his son $250,000 at a 10% interest rate per year to…

A: When an individual lends money and the debt is not forgiven or canceled during the individual's…

Q: If the heirs will opt for final tax on bank deposits, how much is the total reportable gross estate?

A: When someone dies, their gross estate is made up of all of their things, money, and interests. This…

Q: Carlos and Connie own a farm as tenancy by the entirety (TBE). The farm is currently valued at $2…

A: Answer:- A) If Connie dies, $1m is included in her gross estate for estate tax purposes. This…

Q: Many years ago James and Sergio purchased property for $945,000. Although they are listed as equal…

A: Partnership agreements come in a variety of forms. For example, in a partnership, all partners…

Q: Wayne and Carol have been married for 60 years. At Carol's passing (and Wayne surviving) all of the…

A: "Estate tax liability" is the amount of taxes owed on a person's properties and assets after death.…

Q: Mason buys real estate for $2,215,800 and lists ownership as follows:"Mason and Dana, joint tenants…

A: $2,880,540 need to be included in mason's gross estate in Mason and Dana are brother and sister…

Q: At the time of her death on September 4, Alicia

A: Gross estate encompasses all substantially valuable property owned by an individual at death, and…

Q: Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left…

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