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

icon
Related questions
Question
100%

How much is estate tax due?

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
Transcribed Image Text: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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer