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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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My
A married decedent left the following inherited properties as part of his gross estate amounting to P
15,000,000.
Land
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
Shares of stock
CF
An=
at P600,000.
Skip
The estate's executor has claimed the following deductions;
P600,000
350,000
150,000
300,000
400,000
700,000
5,000,000
Actual funeral expenses
Judicial expenses
Claims against insolvent
Legacy to National Government
Medical Expenses
Amount received by heirs under RA 4917
Family Home
Compute for the vanishing deduction
Transcribed Image Text:My A married decedent left the following inherited properties as part of his gross estate amounting to P 15,000,000. Land 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 Shares of stock CF An= at P600,000. Skip The estate's executor has claimed the following deductions; P600,000 350,000 150,000 300,000 400,000 700,000 5,000,000 Actual funeral expenses Judicial expenses Claims against insolvent Legacy to National Government Medical Expenses Amount received by heirs under RA 4917 Family Home Compute for the vanishing deduction
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