n 2020, Bongbong Jr. created two (2) trusts for his minor son, Chiz. During the year, the two trusts earned net income as follows:   Trust 1: P4,000,000   Trust 2: P6,000,000   How much is the income tax due of Trust 1

Q: Mr. Ernesto dela Cruz, had the following during the taxable year: • P1,500,000 for outliving his…

A: According the Philippines taxation there are some rules and procedures which are involved while…

Q: In 2019, Arvin received 200 shares as a gift. The stock worth $5000. And the donor adjusted basis…

A: The capital gain can be defined as the increase in the value of the assets and the gain is realized…

Q: On February 2018, Mr. and Mrs.Joso donated a conjugal parcel of land to their son who was getting…

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Q: Mr. and Mrs. Mapagbigay made the following donations during 2021: • Jan 25 To Jon, their legitimate…

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Q: which she settled $300,000. Income and capital beneficiaries of the trust include Wendy and her two…

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Q: he trustee of the Pieper Trust can distribute any amount of accounting income and corpus to the…

A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…

Q: In 2020, Bongbong Jr. created two (2) trusts for his minor son, Chiz. During the year, the two…

A: Trust Here in trust which has subjective to the taxation which are determine by the total net income…

Q: Ramon had AGI of $181,000 in 2022. He is considering making a charitable contribution this year to…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

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Q: rest. The only expenses were 1800 in fiduciary fees. What portion of the fiduciary fees is…

A: Information Provided: Ordinary dividends = 4000 Interest income = 1600 Municipal Interest = 2400…

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Q: Becky purchased a P1,500,000 life insurance policy for P100,000. During the year, Becky died and her…

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A: Item Incurred Form(s) Reported on a. Wages (last paycheck received after the date of death) Form…

Q: Mr. Ernesto dela Cruz, had the following during the taxable year  • P1,500,000 for outliving his…

A: According the Philippines taxation there are some rules and procedures which are involved while…

Q: The Dolce Estate reports the following items for the current tax year. Dividend income…

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Q: eficiary of a trust. The trust paid his Palm Springs Country Club dues directly paid the rent on his…

A: In the given case, Wally is a beneficiary of the trust and receives an income, directly or…

Q: n 2020, Bongbong Jr. created two (2) trusts for his minor son, Chiz. During the year, the two trusts…

A: As per section 60 of CHAPTER X ESTATES AND TRUSTS of Tax code,  In the case of two or more trusts…

Q: This year, the Huang Trust is a complex trust. This year, it distributed all of its accounting…

A: Answer:-  Definition of complex trust:- A complex trust is basically the opposite of a complex…

Q: Mr. X, single, died in Year 2020 leaving the following properties: Family house and lot Car Cash in…

A: Net Estate: - net estate is the total of net worth after deducting the administrative cost. it is…

Q: n 2022, Ian and Isabella donated Stock A to a public charity. Stock A had a fair market value of…

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Q: Mr. and Mrs. Pi gave the following gifts of conjugal property on July 15, 2021. To Barangay Delm, a…

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Q: Pedro, single received the following during the taxable year: Proceeds of his life insurance paid at…

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Q: Mr. and Mrs. Lapigo, made the following donations during 2022:   Date: Feb 14 Particulars: Land…

A: In Florida, There are buyers and sellers of real estate , who are familiar of documentary stamp tax…

Q: How much is the consolidated tax due of the Trust?

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A: Standard deduction is the amount which is deducted from the income before calculating the income…

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A: As per the tax laws income will be taxable in the hand of the person or entity who has earned it.

Q: An individual died on June 30, 2020. On that date, they owned marketable securities worth $100,000…

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Q: Determine the correct value for each of the following questions:1. Assuming that a single person has…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: n 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he…

A: Here discuss about the details of the capital gains which are derived for received the gifted shares…

Q: edro, single received the following during the taxable year:   Proceeds of his life insurance paid…

A: Answer: Given Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years -…

Q: conjugal property

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Q: Wendy is the settlor of a discretionary trust into which she settled $300,000. Income and capital…

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Q: Richard died on 11 July 2019, leaving an estate valued at £900,000. None of the transfer made on his…

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