Nicanor, head of the family, died in 2020. The list of his properties is given below: House and lot (family home) – Php 25,000,000 Cash in bank (Philippines) – Php 5,000,000 Jewelries – Php 5,000,000 Personal properties – Php 5,000,000 During settlement of estate, the following information were provided: Funeral and judicial expenses – Php 1,000,000 Claims against estate (unpaid medical expenses) Php 2,000,000 Claims against the estate (loan) – Php 2,000,000 Losses – Php 2,000,000 1. How much is estate tax due? 2. How much is the NET DISTRIBUTABLE ESTATE
Nicanor, head of the family, died in 2020. The list of his properties is given below: House and lot (family home) – Php 25,000,000 Cash in bank (Philippines) – Php 5,000,000 Jewelries – Php 5,000,000 Personal properties – Php 5,000,000 During settlement of estate, the following information were provided: Funeral and judicial expenses – Php 1,000,000 Claims against estate (unpaid medical expenses) Php 2,000,000 Claims against the estate (loan) – Php 2,000,000 Losses – Php 2,000,000 1. How much is estate tax due? 2. How much is the NET DISTRIBUTABLE ESTATE
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2-14
Nicanor, head of the family, died in 2020. The list of his properties is given below:
House and lot (family home) – Php 25,000,000
Cash in bank (Philippines) – Php 5,000,000
Jewelries – Php 5,000,000
Personal properties – Php 5,000,000
During settlement of estate, the following information were provided:
Funeral and judicial expenses – Php 1,000,000
Claims against estate (unpaid medical expenses) Php 2,000,000
Claims against the estate (loan) – Php 2,000,000
Losses – Php 2,000,000
1. How much is estate tax due?
2. How much is the NET DISTRIBUTABLE ESTATE?
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