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Required: Compute for the net taxable estate and the tax due

Required: Compute for the net taxable estate and the tax due

FINANCIAL ACCOUNTING
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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Sir please help me sir urgently
Accounting Mr. A, Filipino, married, died on January 1, 2020 leaving the following: a.) Property inherited from his father who died January 2, 2019: 1. Agricultural land 2. Residential land P 300,000 700,000 b.) Property inherited from his mother who died on November 1, 2014, one day after Mr. A's marriage to Mrs. A. P 400,000 200,000 1. Fish Pond 2. Jewelry c.) Property acquired thru Mr. A's labor 1. Residential house and lot used as family home 2. Motor Vehicles 3. Commercial Land P10,800,000 900,000 2,800,000 The commercial land has a mortgage of P300,000 of wic P 200,000 was paid by Mr. A before his death. Also, Mr. A by will bequeathed to the City of Manila for exclusive public purpose the sum of P50,000. The agricultural land and residential land were previously mortgage for P400,000 when inherited whose P150,00 was paid by Mr. A during his lifetime. The estate tax incurred the following expenses a. Funeral Expense b. Judicial Expense c. Claims against the estate P90,000 80,000 250,000 Required: Compute for the net taxable estate and the tax due
Transcribed Image Text:Accounting Mr. A, Filipino, married, died on January 1, 2020 leaving the following: a.) Property inherited from his father who died January 2, 2019: 1. Agricultural land 2. Residential land P 300,000 700,000 b.) Property inherited from his mother who died on November 1, 2014, one day after Mr. A's marriage to Mrs. A. P 400,000 200,000 1. Fish Pond 2. Jewelry c.) Property acquired thru Mr. A's labor 1. Residential house and lot used as family home 2. Motor Vehicles 3. Commercial Land P10,800,000 900,000 2,800,000 The commercial land has a mortgage of P300,000 of wic P 200,000 was paid by Mr. A before his death. Also, Mr. A by will bequeathed to the City of Manila for exclusive public purpose the sum of P50,000. The agricultural land and residential land were previously mortgage for P400,000 when inherited whose P150,00 was paid by Mr. A during his lifetime. The estate tax incurred the following expenses a. Funeral Expense b. Judicial Expense c. Claims against the estate P90,000 80,000 250,000 Required: Compute for the net taxable estate and the tax due
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