settlement of the estate of Mr. Emman who died intestate, his wife renounced her inheritance worth P2 million and her share of the conjugal property worth P1 million in favor of her children. How much is subject to estate tax? * P3 million P2 million P1 million P0

settlement of the estate of Mr. Emman who died intestate, his wife renounced her inheritance worth P2 million and her share of the conjugal property worth P1 million in favor of her children. How much is subject to estate tax? * P3 million P2 million P1 million P0

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 42P

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Concept explainers

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.

Question

In the settlement of the estate of Mr. Emman who died intestate, his wife renounced her inheritance worth P2 million and her share of the conjugal property worth P1 million in favor of her children. How much is subject to estate tax? *

P3 million

P2 million

P1 million

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