Upon death of Nicanor and after payment of the estate tax, it was determined that the net distributable estate amounted to Php 3,000,000.00 while the conjugal share of Inday as surviving spouse amounted to Php 5,000,000.00. Under the Rules of Succession, the following are the sharing in net distributive estate: Inday - ⅓ Jose - ⅓ Boni - ⅓ Assuming Inday waived her conjugal share in favor of his two children, the donor’s tax is? Answer:_______________

Upon death of Nicanor and after payment of the estate tax, it was determined that the net distributable estate amounted to Php 3,000,000.00 while the conjugal share of Inday as surviving spouse amounted to Php 5,000,000.00. Under the Rules of Succession, the following are the sharing in net distributive estate: Inday - ⅓ Jose - ⅓ Boni - ⅓ Assuming Inday waived her conjugal share in favor of his two children, the donor’s tax is? Answer:_______________

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume Nathalie dies today. Based on their current situation, what asset would be subject to probate fees?a) nathalie's spousal and individual RRSPb) nathalie's cottagec) Nathalie 50% ownership interest in the couple's principsi residence and their joint investment account.d) nathalie's death will not result in tax liability this year.
12. COMPUTE: Total special deductions 13. COMPUTE: Net taxable estate 14. COMPUTE: Estate tax payable
Juliana purchased land three years ago for $90,100. She made a gift of the land to Tom, her brother, in the current year, when the fair market value was $126,140. No Federal gift tax is paid on the transfer. Tom subsequently sells the property for $113,526. a. Tom's basis in the land is $ 90,100 V and he has a realized gain -v of $ 23,246 x on the sale. b. Assume, instead, that the land has a fair market value of $81,090 on the date of the gift, and that Tom sold the land for $77,036. Tom's basis in the land is $ 113,256 x and he has a realized loss V of 12,614 X on the sale.
At death, Francine owns an interest in a passive activity property (adjusted basis of $160,000, suspended losses of $16,000, and fair market value of $170,000). What is deductible on Francine’s final income tax return?
Assume Nathalie dies today. Based on their current situation, what asset would be subject to probate fees?a) nathalie's spousal and individual RRSPb) nathalie's cottagec) Nathalie 50% ownership interest in the couple's principsi residence and their joint investment account.d) nathalie's death will not result in tax liability this year.
On January 1, 2022, Antonio sells stock that has a $62,000 FMV on the date of the sale (basis $94,850) to his daughter Tiana. On October 21, 2022, Tiana sells the stock to an unrelated party. In each of the following, determine the tax consequences of these transactions to Antonio and Tiana: Required: a. Tiana sells the stock for $48,500. b. Tiana sells the stock for $100,100. c. Tiana sells the stock for $79,150. Note: For all requirements, if no gain or loss is recognized, select "No gain or loss". a. Realized a. Recognized b. Realized b. Recognized c. Realized c. Recognized Amount Antonio Gain or Loss Amount Tiana Gain or Loss No gain or loss Gain Loss No gain or loss