A married decedent left the following inherited properties as part of his gross estate amounting to P 15,000,000. Land Shares of stock P 1,500,000 500,000 The value of the land when inherited 2 ½ year ago was P1,200,000 and was subject to a mortgage of P200,000 which was paid by the present decedent before he died. The shares of stock were valued at P600,000. The estate's executor has claimed the following deductions; Actual funeral expenses Judicial expenses P600,000 350,000 Claims against insolvent 150,000 Legacy to National Government 300,000 Medical Expenses 400,000 Amount received by heirs under RA 4917 700,000 5,000,000 Family Home Compute for the vanishing deduction
A married decedent left the following inherited properties as part of his gross estate amounting to P 15,000,000. Land Shares of stock P 1,500,000 500,000 The value of the land when inherited 2 ½ year ago was P1,200,000 and was subject to a mortgage of P200,000 which was paid by the present decedent before he died. The shares of stock were valued at P600,000. The estate's executor has claimed the following deductions; Actual funeral expenses Judicial expenses P600,000 350,000 Claims against insolvent 150,000 Legacy to National Government 300,000 Medical Expenses 400,000 Amount received by heirs under RA 4917 700,000 5,000,000 Family Home Compute for the vanishing deduction
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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