Nicanor, head of the family died in 2020. The list of his properties. How much is estate tax Nicanor, head of the family, died in 2020. The list of his properties isgiven below:House and lot (family home) - Php 25,000,000Cash in bank (Philippines) - Php 5,000,000Jewelries - Php 5,000,000Personal properties - Php 5,000,000During settlement of estate, the following information wereprovided:Funeral and judicial expenses - Php 1,000,000Claims against estate (unpaid medical expenses) Php 2,000,000Claims against the estate (loan) - Php 2,000,000Losses - Php 2,000,000How much is estate tax due?

A deceased person's property will be taken over by his lawful heirs or beneficiaries. A tax is…

Answered: Nicanor, head of the family, died in…

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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Subject : - Account
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How much is the estate tax due on the estate of Nicanor?
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After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father’s death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor’s estate are reflected below: Real properties and personal properties personally owned by Nicanor – Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value – Php 3,000,000 Value per Tax Declaration: Land – Php 2,000,000 House – Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: Outstanding balance of the mortgage on his father’s property – Php 400,000 Unpaid mortgage on Nicanor’s properties – Php 500,000 Losses – Php 500,000 Total unpaid taxes – Php 100,000 Claims by hospitals on unpaid medical bills – Php 500,000 Donation to the City Government for Public Use – Php 500,000 How much is the total…
Which of the following estates will need to file a federal estate tax return assuming that the decedent died in 2026: An unmarried decedent owned property worth $3,400,000? Assuming the mortgage is deductible, an unmarried decedent owned real estate worth $12,000,000 subject to $4,000,000 mortgage? An unmarried decedent owned property worth $11,000,000 and had made taxable gifts in 2004 of $1,000,000? A married decedent owned a house worth $12,000,000 jointly with her spouse? (Assume ½ of value will be included in the decedent’s taxable estate.)
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