How much is the estate tax due on the estate of Nicanor? After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php5.000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php1.000,000. On October 6, 2021. Nicanor died. The details of Nicanor's estate are reflected below:Real properties and personal properties personally owned by Nicanor - Php 5.000,000House and lot Nicanor inherited from his fatherBIR Zoral value - Php 3,000,000Value per Tax Declaration:1Land - Php 2.000,0002 House - Php 4,000,000The following are expenses / deductions paid/payable attributable to the estate at the time of his deathOutstanding balance of the mortgage on his father's property - Php 400,000Unpaid mortgage on Nicanor's properties - Php 500,000Losses - Php 500,000- Total unpaid taxes - Php 100,000• Claims by hospitals on unpaid medical bills - Php 500,000- Donation to the City Government for Public Use - Php 500,000

Estate tax:The tax levied on the assets or property that is transferred to the dead person is known…

55,000,000 on February 14, 2018 At the time of his father's death, the property is mortgaged in the amount of Php ,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor-Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value-Php 3,000,000 Walue per Tax Declaration: Land-Php 2.000.000

55,000,000 on February 14, 2018 At the time of his father's death, the property is mortgaged in the amount of Php ,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor-Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value-Php 3,000,000 Walue per Tax Declaration: Land-Php 2.000.000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 38P

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ter paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor - Php 5000,000 House and lot Nicanor inherited from his father: BIR Zonal value - Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2.000.000 2. House - Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: . Outstanding balance of the mortgage on his father's property - Php 400000 unpaid mortgage on Nicanor's Properties -500000 losses- 500000 total unpaid tax- 100000 Claims by hospitals on unpaid medical bills - 500000 Donation to the City Government for punlic use - 500000 how much is the estate tax due on the estate of Nicanor?…
After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father’s death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor’s estate are reflected below: Real properties and personal properties personally owned by Nicanor – Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value – Php 3,000,000 Value per Tax Declaration: Land – Php 2,000,000 House – Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: Outstanding balance of the mortgage on his father’s property – Php 400,000 Unpaid mortgage on Nicanor’s properties – Php 500,000 Losses – Php 500,000 Total unpaid taxes – Php 100,000 Claims by hospitals on unpaid medical bills – Php 500,000 Donation to the City Government for Public Use – Php 500,000 How much is the…
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After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father’s death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor’s estate are reflected below: Real properties and personal properties personally owned by Nicanor – Php 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value – Php 3,000,000 Value per Tax Declaration: Land – Php 2,000,000 House – Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: Outstanding balance of the mortgage on his father’s property – Php 400,000 Unpaid mortgage on Nicanor’s properties – Php 500,000 Losses – Php 500,000 Total unpaid taxes – Php 100,000 Claims by hospitals on unpaid medical bills – Php 500,000 Donation to the City Government for Public Use – Php 500,000 How much is the total…
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