question 12 please Nicanor left the following bank deposits upon his death:• Uno Bank - Php 1,000,000• Dos Bank - Php 2,000,000• Tri Bank - Php 3,000,000How much is the final tax required to be withheld by the bank assuming the heirs willopt for final tax?

The heirs will opt for final tax and bank will collect final with holding tax at rate of 6% on 6…

Answered: Nicanor left the following bank…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 55P

See similar textbooks

Similar questions

Nicanor left the following bank deposits upon his death: Uno Bank- Php 1,000,000 Dos Bank Php 2,000,000 Tri Bank - Php 3.000.000 a. How much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax? b. How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax? c. How much is the estate tax?
Allan left the following bank deposits upon his death: - A bank- 1,000,000 - B bank- 2,000,000 - C bank- 3,000,000 How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax?
Nicanor left the following bank deposits upon his death: - Uno Bank- 1,000,000 - Dos Bank- 2,000,000 - Tri Bank- 3,000,000 How much is the final tax required to be witheld by the bank assuming the heirs will opt for final tax?
Liz left the following bank deposits upon his death A bank - 1000000 B bank - 2000000 c bank -3000000 how much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax?
Allan left the following bank deposits upon his death: - A bank- 1,000,000 - B bank- 2,000,000 - C bank- 3,000,000 How much is the amount to be reported as part of gross estate assuming the heirs of allan opted for final tax?
Liz left the following bank deposits upon his death A bank - 1000000 B bank - 2000000 c bank -3000000 how much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax?
Last year, lana purchased a $100,000 account receivable for $90,000. During the current year, Lucy collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. a.$7,000 gain b.$3,000 loss c.$13,000 loss d.$2,000 gain
After paying the corresponding estate tax. How much is the estate tax due in estate of Nicanor.
Juan died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. How much may Neils' estate claim as deduction for claims against insolvent persons? P100,000 P120,000 P180,000 P200,000
Neils Bohr died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. How much may Neils' estate claim as deduction for claims against insolvent persons? P100,000 P120,000 P180,000 P200,000
Niels died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. In relation to the mortgage, how much may be claimed as a deduction? P700,000 P1,000,000 P1,200,000 P1,500,000
Mr. X, single, died in Year 2020 leaving the following properties: Family house and lot Car Cash in Bank Compute the Net Estate of Mr. X. Compute the Estate Tax Payable. N.B. - Show solution/s in good form. P9,000,000 2,000,000 5,000,000

SEE MORE QUESTIONS

Recommended textbooks for you

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Corp Partner Estates Trusts

Accounting

ISBN:

9780357161548

Author:

Raabe

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SEE MORE TEXTBOOKS

Nicanor left the following bank deposits upon his death: • Uno Bank - Php 1,000,000 • Dos Bank - Php 2,000,000 • Tri Bank - Php 3,000,000 How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax?