Mr. Wakana, a resident Japanese decedent, deed with the following properties:A house and lot in JapanP2,000,000Bank deposit in the Philippines600,000A car in the Philippines1,000,000A residential lot in the USA1,500,000Compute the amount to be included in gross estate.

Gross estate is the total dollar value of an individual's property and assets at the time of such an…

Answered: Mr. Wakana, a resident Japanese…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 7BCRQ

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A house and lot in Japan	P2,000,000
Bank deposit in the Philippines	600,000
A car in the Philippines	1,000,000
A residential lot in the USA	1,500,000

Mr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.