Number 1 question please Cash:• Cash on Hand (vault) - Php, 1,000,000Time deposits in Squid Bank Php 4,000,000• Savings deposits in Ulan Bank - Php 5,000,000Motor vehicles:. Brand new car -Php 5,000,000• 70's Vintage Car donated by his motherValue in market at time of death Php 5,000,000Acquisition Cost Php 4,000,000- Cost of repairs/remodeling - Php 3,000,000Other information:Conjugal Expenses• Funeral expense - Php 500,000• Accountants fees Php 4,000Lawyer's fees - Php 500,000Unpaid Medical expenses -Php 1.000 000How much is the total allowable deduction? Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021,Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return andpay the corresponding estate tax, if any:PROPERTIESFamily home:• Zonal value of land Php 5,000,000. Assessed value of land Php 3,000,000. Assessed value of house - Php 5,000,000Appraiser's value Php 20,000,0001,000 Shares in ABC Corp. a listed company:Opening price- Php 900Closing price - Php 1.200• Lowest Quote - Pnp 800Highest Quote - Php 1,500.Average Value Php 1,0002,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father:Audited Financial Statements of XYZ Corp. disclosed the following:• Assets - Php 10.000,000o Liabilities - Php 4.000.000o Outstanding shares of stocks- 10.000o Par value Php 100.00 per shareJewelry of Inday (wife)Value at time of purchase Php 1.000.000Note: Value at time of death of NicaorPhp 2.000.000

The tax levied on the transfer of a property after a person dies is known as the estate tax. The tax…

Cash: . Cash on Hand (vault) - Php, 1,000,000 • Time deposits in Squid Bank - Php 4,000,000 ⚫ Savings deposits in Ulan Bank - Php 5,000,000 Motor vehicles: ⚫ Brand new car - Php 5,000,000 0 70's Vintage Car donated by his mother Value in market at time of death - Php 5,000,000 Acquisition Cost - Php 4,000,000 . Cost of repairs/remodeling - Php 3,000,000 Other information: Conjugal Expenses • Funeral expense - Php 500,000 • Accountant's fees Php 4,000 O ° Lawyer's fees - Php 500,000 Unpaid Medical expenses - Php 1.000.000 How much is the total allowable deduction?

Cash: . Cash on Hand (vault) - Php, 1,000,000 • Time deposits in Squid Bank - Php 4,000,000 ⚫ Savings deposits in Ulan Bank - Php 5,000,000 Motor vehicles: ⚫ Brand new car - Php 5,000,000 0 70's Vintage Car donated by his mother Value in market at time of death - Php 5,000,000 Acquisition Cost - Php 4,000,000 . Cost of repairs/remodeling - Php 3,000,000 Other information: Conjugal Expenses • Funeral expense - Php 500,000 • Accountant's fees Php 4,000 O ° Lawyer's fees - Php 500,000 Unpaid Medical expenses - Php 1.000.000 How much is the total allowable deduction?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 8DQ

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Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
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 How much is the estate tax due?
Mr. X, single, died in Year 2020 leaving the following properties: Family house and lot Car Cash in Bank Compute the Net Estate of Mr. X. Compute the Estate Tax Payable. N.B. - Show solution/s in good form. P9,000,000 2,000,000 5,000,000
Nicanor is a married man with surviving spouse: Community properties: Real property located in manila - P5,000,000 Exclusive properties: Family home in nueva ecija - P10,000,000 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 How much is the estate tax due?
In 2019, the community property of spouses A and B totaled P10,000,000.In January 2020, during marriage, X donated a property located in Manila to spouses A and B worth P2,000,000.In March 2021, A died due to COVID 19. Unpaid funeral expenses and Judicial expense are 200,000 and 300,000, respectively. What is the net distributable estate of A?
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 How much is the estate tax due?
Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?
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?
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…
How much is the Estate Tax Payable? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000…