esignated to his estate - 300,000 PhilAm Life, irrevocable, designated to his administrator - 400,000 Accident Insurance – 500,0000 GSIS benefits - 150,000 1.Determine the Gross Estate of Mr. Yap: ________________ 2.What are the non-taxable proceed of life insurance?
esignated to his estate - 300,000 PhilAm Life, irrevocable, designated to his administrator - 400,000 Accident Insurance – 500,0000 GSIS benefits - 150,000 1.Determine the Gross Estate of Mr. Yap: ________________ 2.What are the non-taxable proceed of life insurance?
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 27CE
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Question
Cardo, a GSIS employee, died in a car accident. His heirs collected the following proceed of life
insurance policies:
AXA Life, revocable, designated to his wife Alyana - 500,000
Sunlife, irrevocable, designated to his son - 700,000
AON life insurance, revocable, designated to his estate - 300,000
PhilAm Life, irrevocable, designated to his administrator - 400,000
Accident Insurance – 500,0000
GSIS benefits - 150,000
1.Determine the Gross Estate of Mr. Yap: ________________
2.What are the non-taxable proceed of life insurance?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT