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 propertiesReal 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 MillionCashCash in vault – Php 1 MillionCash in Bank of Macabeybi – Php 5 MillionCash in Bank of Pilipens – Php 5 MillionConjugal/Community Deductions:Funeral expense – Php 2 MillionMausoleum – Php 2 MillionJudicial expenses – Php 1 MillionUnpaid medical expenses – Php 10 MillionHow much is the final tax to be withheld by the bank on Nicanor’s bank deposits if the heirs will opt for final taxation?

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

Problem 1Q

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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 Deductions:

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?

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