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Required: Determine the net taxable estate and the estate tax due.

Required: Determine the net taxable estate and the estate 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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Problem 1

3. Mr. Lago, Filipino, married, died on Nov. 30, 2020. The assets, charges and obligations of the spouses are shown below: Communal Property Investment in a Business Partnership P2,000,000 Family Home (house and lot) 3,300,000 Fishpond Personal Property 1,000,000 700,000 Exclusive Property Ranch, inherited by Mr. Lago 5,200,000 Apartment, inherited by Mrs. Lago Farm, Donated to Mrs. Lago by her parents 500,000 100,000 Charges and Obligations Unpaid Mortgage on Fishpond 300,000 Claims Against the Estate 80,000 Unpaid Real Property Taxes due for the 2nd and 3rd quarters of 2019 at P10,000 per 20,000 quarter Unpaid Mortgage on Ranch Fire Loss on Apartment. It occurred three 50,000 months after death of decedent 40,000 Required: Determine the net taxable estate and the estate tax due.
Transcribed Image Text:3. Mr. Lago, Filipino, married, died on Nov. 30, 2020. The assets, charges and obligations of the spouses are shown below: Communal Property Investment in a Business Partnership P2,000,000 Family Home (house and lot) 3,300,000 Fishpond Personal Property 1,000,000 700,000 Exclusive Property Ranch, inherited by Mr. Lago 5,200,000 Apartment, inherited by Mrs. Lago Farm, Donated to Mrs. Lago by her parents 500,000 100,000 Charges and Obligations Unpaid Mortgage on Fishpond 300,000 Claims Against the Estate 80,000 Unpaid Real Property Taxes due for the 2nd and 3rd quarters of 2019 at P10,000 per 20,000 quarter Unpaid Mortgage on Ranch Fire Loss on Apartment. It occurred three 50,000 months after death of decedent 40,000 Required: Determine the net taxable estate and the estate tax due.
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