Allan left the following bank deposits upon his death: - A bank- 1,000,000 - B bank- 2,000,000 - C bank- 3,000,000 How much is the amount to be reported as part of gross estate assuming the heirs of allan opted for final tax?
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Allan left the following bank deposits upon his death:
- A bank- 1,000,000
- B bank- 2,000,000
- C bank- 3,000,000
How much is the amount to be reported as part of gross estate assuming the heirs of allan opted for final tax?
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- In each of the following problems, identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify. Thans grandmother dies and leaves him jewelry worth 40,000. In addition, he is the beneficiary of a 100,000 life insurance policy that his grandmother had bought before she retired.Liz left the following bank deposits upon his death A bank - 1000000 B bank - 2000000 c bank -3000000 how much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax?Nicanor left the following bank deposits upon his death: - Uno Bank- 1,000,000 - Dos Bank- 2,000,000 - Tri Bank- 3,000,000 How much is the final tax required to be witheld by the bank assuming the heirs will opt for final tax?
- Liz left the following bank deposits upon his death A bank - 1000000 B bank - 2000000 c bank -3000000 how much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax?Allan left the following bank deposits upon his death: - A bank- 1,000,000 - B bank- 2,000,000 - C bank- 3,000,000 How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax?Nicanor left the following bank deposits upon his death: Uno Bank- Php 1,000,000 Dos Bank Php 2,000,000 Tri Bank - Php 3.000.000 a. How much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax? b. How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax? c. How much is the estate tax?
- Nicanor left the following bank deposits upon his death: Uno Bank – Php 1,000,000 Dos Bank – Php 2,000,000 Tri Bank – Php 3,000,000 How much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax?Nicanor left the following bank deposits upon his death: - Uno Bank- 1,000,000 - Dos Bank- 2,000,000 - Tri Bank- 3,000,000 How much is the estate tax?Skip is a cash-basis taxpayer. He passed away on June 10, 2021. Which of the following would be included on Skip's final tax return? Interest earned prior to death and received after death. Gain or loss from a sale completed and payment received by the decedent prior to death. Decedent's share of income from an S corporation for the entire year in the year of death. Compensation for services rendered before death and received after death
- A taxpayer died, leaving a large estate. At that time, the taxpayer solely owned a $1,000,000 life insurance policy listing the surviving spouse and each of three children as equal beneficiaries. What is the estate tax marital deduction, if any, for this policy?The following three statements concern the tax treatment of the interest accrued at the date of death on U.S. Savings Bonds owned by the deceased. Of the three statements, which is (are) correct? 1) Any income taxes paid on the deceased's final return are deductible on the estate tax return assuming an estate tax existed at the time of death. 2) The executor is required to include any such accrued interest on the deceased's final income tax return. 3) Such interest may be treated as "income in respect of a decedent." A Doe lue of justed bts, fu ock of eeting ore of cedenDuring his lifetime, Miguel donated and transferred the ownership of a real property to his eldest son. For taxation purposes, the property value is P2,000,000. When Miguel died, he left properties and rights totaling P24,000,000. One of the property is subject to an unpaid mortgage of P3,000,000. The estate tax amounted to 100,000. How much is the amount of estate to be distributed to the heirs (distributable or hereditary estate P26,000,000 P24,000,000 P22,900,000 P20,900,000