64. Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1,2021 leaving the following properties: Real properties:Family home in Laguna (Zonal Php 8 Million; Assessed Value Php 4 Million)Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million)Inherited house in manila (Zonal value Php 10 Million; Assessed value Php 5 Million) Other personal properties:Motor vehiclesNew car = Php 2 MillionUsed car = Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million.CashCash in vault - Php 1 MillionCash in Bank of Macabeybi - Php 5 MillionCash in Bank of Pilipens - Php 5 Million Conjugal/ Community Deduction:Funeral expense - Php 2 MillionMausoleum - Php 2 MillionJudicial expenses - Php 1 MillionUnpaid medical expenses - Php 10 Million How much is the final tax to be withheld by the bank on Nicanor’s bank deposits if the heirs will opt for final taxation?Answer:____________________

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

Answered: Nicanor, a resident Filipino citizen,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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64. Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1,2021 leaving the following properties:

Real properties:

Family home in Laguna (Zonal Php 8 Million; Assessed Value Php 4 Million)

Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million)

Inherited house in manila (Zonal value Php 10 Million; Assessed value Php 5 Million)

Other personal properties:

Motor vehicles

New car = Php 2 Million

Used car = Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million.

Cash

Cash in vault - Php 1 Million

Cash in Bank of Macabeybi - Php 5 Million

Cash in Bank of Pilipens - Php 5 Million

Conjugal/ Community Deduction:

Funeral expense - Php 2 Million

Mausoleum - Php 2 Million

Judicial expenses - Php 1 Million

Unpaid medical expenses - Php 10 Million

How much is the final tax to be withheld by the bank on Nicanor’s bank deposits if the heirs will opt for final taxation?

Answer:____________________

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