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
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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?
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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.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?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?
- 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?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- 1,000,000 - Dos Bank- 2,000,000 - Tri Bank- 3,000,000 How much is the estate tax?Mrs. Naty Kook suffered from COVID-19 causing her death on November 1, 2020. Her estate composed of the following: Cash in bank P1,000,000 Commercial building 5,000,000 Cars 1,000,000 House and lot 3,000,000 Jung Kook is the only heir of the decedent. Naty’s remains were cremated on the same day. The executor of Naty’s estate filed the estate tax return and paid the corresponding estate tax on October 31, 2021. The properties left by the decedent were finally distributed to Jung on December 14, 2020. Answer the following questions: When will the transfer of ownership from the decedent to the heir take effect? When should the estate tax accrue? Assume that Naty’s total outstanding liabilities as of the time of her death amounted to P12,000,000. How much of the outstanding liabilities of the decedent should be assumed by Jung?During 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
- 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?Juan died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. How much may Neils' estate claim as deduction for claims against insolvent persons? P100,000 P120,000 P180,000 P200,000Last 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