The following data were taken from the records of a citizen decedent:Land inherited from his mother two years before death, during marriage, with a value of P15,000,000 when inherited.P24,000,000Other personal property owned before marriage16,000,000Other personal property acquired during marriage5,000,000Claims against the estate2,000,000Medical expenses5,000,000Losses1,000,000How much is the estate tax due?

Estate Tax: When an individual transfers his/her property to the beneficiary person on his/her…

Answered: The following data were taken from the…

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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The following data were taken from the records of a citizen decedent:

Land inherited from his mother two years before death, during marriage, with a value of P15,000,000 when inherited.	P24,000,000
Other personal property owned before marriage	16,000,000
Other personal property acquired during marriage	5,000,000
Claims against the estate	2,000,000
Medical expenses	5,000,000
Losses	1,000,000

How much is the estate tax due?

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