Answered: What is Ms. Eun’s reportable gross…

Business

Accounting

What is Ms. Eun’s reportable gross estate?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and…

A: If the heirs, administrators, or executors withdraw monies from the bank account of the decedent…

Q: Allan is a married man with surviving spouse: Community properties: Real property located in…

A: Estate taxes can help prevent the development of dynastic wealth, which is money that is passed down…

Q: Nicanor, head of the family, died in 2020. The list of his properties is given below: House…

A: Estate tax:Estate tax is the tax that is levied on the property or asset of dead person that is…

Q: House and lot in Manila owned by A before the marriage Mr. A, Filipino, married to B with whom he…

A: Gross Estate refers to the value of the property owned by the person which is the amount that…

Q: A non-resident Australian, married, died and left the following proeprties: Philippines Australia…

A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: Problem 1 The administrator of a decedent’s estate (head of the family) provided the following…

A: Calculation of taxable net Estate if decedent was a citizen of country A but resident of B country…

Q: assuming nicanor is head of the family, how much is the estate tax due?

A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: Domingo Dominico, a Filipino residing in Marikina City, made the following donations in favor of his…

A: In the Philippines, donations are governed by provisions under the National Internal Revenue Code…

Q: What is the estate tax return of Mark De Guzman?

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: Margaret O’Hara

A: as the [AGFG]Adjusted Gross financial gain is 62,000, liabilities is9,951, quantity in hand is…

Q: Jean died in a common-law state in 2022 and was survived by her husband, Loren, and three adult…

A: A federal tax on the property of a person who dies is known as the Federal estate tax. The gross…

Q: GIVEN: ■ ■ Decedent - Filipino citizen Died - June 2021 ■ Marriage - April 2013 ■ Survived by -…

A: Ordinary Deduction: There are prices that everyone has, like the costs of having a business or a…

Q: Chloe is single, a U.S. citizen, and has a valid Social Security number. No one else lives in the…

A: Contribution in IRA:Contribution deadline for 2023 is April 15, 2024, so contributions made till…

Q: A nonresident alien, married, died on September 2018. He left the following: Conjugal properties,…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Ch Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial…

Q: Mr Reddy and Mrs Reddy are both under 65 and married out of community of property. The following…

A: To calculate the tax payable by Mr. and Mrs. Reddy for the tax year of assessment ending on 28…

Q: Coleen is a citizen and bona fide resident of Ireland. During the current year, she received the…

Q: X, Non-resident alien, died in 2022, left the following properties: Land in Italy (with P1…

A: X, Non-resident alien died in 2022, left property behind him. Some of the properties are :- Land in…

Q: Nicanor is a married man with surviving spouse: Community Properties: Real Property located in…

A: Income tax liability:The tax liability refers to the amount that needs to be paid to the tax…

Q: When Jen dies this year her gross estate included the following: . Cash $271,658 held in Jen's name…

A: Unlimited marital deduction allows an individual to transfer unlimited property in the name of his…

Q: • Herb and Alice are married and file a joint return. Herb is 74 years old and Alice is 70. Neither…

A: Social security benefits are given to the all individuals in the retirment period but some are…

Q: While he was traveling with friends, Mr. Juan, resident Filipino citizen, died on January20, 2021 in…

A: At the event of the death of a Filipino citizen, his gross estate will have to be estimated for the…

Q: Cora, 79, has an estate that includes her personal residence valued at $120,000 and $18,000 in a…

A: The Answer of the above question is c ) option i.e. She should Execute a will that names her friend…

Q: Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands…

A: The government's need to make money is one of the main goals of estate taxes. The money raised by…

Question

Ms. Eun, single, Filipino citizen, died on her birthday on February 14, 2021 with the following information:

House and lot in Makati City (at fair value) 30,000,000

House and lot in San Francisco, California, USA (at fair value)

10,000,000

Personal properties 15,000,000

Uncollected receivables from friends evidenced by promissory notes 2,000,000

Claims against insolvent persons 500,000

Unpaid debts at the time of death

What is Ms. Eun’s reportable gross estate?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1, 2021 leaving the following properties Real properties: Family home in Laguna (Zonal Php 8 Million; Assessed value Php 4 Million) Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) Inherited house in Manila (Zonal value Php 10 Million; Assessed value Php 5 Million) Other personal properties: Motor vehicles New car – Php 2 Million Used car – Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million Cash Cash in vault – Php 1 Million Cash in Bank of Macabeybi – Php 5 Million Cash in Bank of Pilipens – Php 5 Million Conjugal/Community Deductions: Funeral expense – Php 2 Million Mausoleum – Php 2 Million Judicial expenses – Php 1 Million Unpaid medical expenses – Php 10 Million How much…
Answer the ff. requirements
Assuming Ana is a non-resident alien, the gross estate is: Ana, died in Syria leaving the following properties: P 1,000,000 2,000,000 100,000 House and lot in Syria Vacant lot in Manila Shares of stock in a foreign corp., 70% of the business is located in the Philippines Shares of stock in a domestic 200,000 corp., 60% of the business is located in the Philippines Car in Manila 500,000 P2,000,000 P2,500,000 P3,800,000 P2,600,000
50. Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left the following: a. Property inherited by Mr. O from his father who died February 14, 2013 b. Property inherited by Mrs. O from her father who died February 14, 2014 c. Property inherited by Mr. O from his mother who died February 14, 2015 d. Property inherited by Mrs. O from her mother who died February 14, 2016 c. Property acquired thru the labor of P3,000,000 1,200,000 1,800,000 1,400,000 Mr. O Mrs. O Mr. & Mrs. O (family bome) 2,000,000 1,500,000 2,400,000 1,600,000 f. Other personal property Deductions claimed by the estate: a. Funeral expense b. Unpaid mortgages on property in letters: a 500,000 c. Claims against the estate d. Accrued taxes (before the death of Mr.O) 220,000 b. 300,000 c. 180,000 d 200,000 170,000 80,000 Determine the net taxable estate assuming 1. Conjugal partnership of gains 2. Absolute community of property
3
Nicanor is a married man with surviving spouse: Assuming Nicanor is head of the family, how much is the estate tax.
Donna Stober's estate has the following assets (all figure approximate fair value): Investments in stocks and bonds $1,552000 House 756,000 Cash 74,900 Investment land 60,800 Automobiles (three rare vehicles) 59,000 Other assets 108,000 The house, cash, and other assets are left to the decendent's spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decendent's brother . The investments in stocks and bonds are to be put into a turst fund. The income generated by this trust will go to the decendent's spouse annually until all of the couple's children have reached the age of 25. At that time, the…
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. Řesidential house and lot used as family home P10,800,000 900,000 2,800,000 2. Motor Vehicles 3. Commercial Land The commercial land has a mortgage of P300,000 of w/c 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 P150,000 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…
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
Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits - Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija - Php 10,000,000 Other Exclusive properties - Php 2,000,000 Community Deductions: Funeral Expenses - Php 500,000 Other Valid Deductions - Php 1,000,000 Medical Expenses - Php 1,000,000 Case 1: Assuming Nicanor is head of the family, how much is the estate tax due? Case 2: Assuming Nicanor is head of the family, how much is the net distributable estate? Case 3: How much is the estate tax due?
Mr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.
Voytek transfers land worth $200,000 with an adjusted basis of $17,000 to his wife Gosha for her birthday. The land was purchased 3 years ago. Assume no gift tax was paid on the transfer. a) Does Gosha have gross income as a result of the gift? Yes or No. No? b If the answer is no, Explain why. c)What is Gosha basis in the land? d)What is Gosha holding period in the land?