A, Filipino, married, died on January 2018, leaving the following: a Family Home b. Cash and other properties C. Benefits under ŘA 4917 d Ordinary deductions for expenses, losses and taxes (ELIT) P 1,800,000 2,500,000 1,000,000 700,000 Determine the net taxable estate of A.

Arams taxable income before considering capital gains and losses is $81,000. Determine arams taxable income and how much of the income will be taxed at ordinary rates.

22. Troy and Anne have the following in their combined estate. Assume that in 2008, Troy to set up the standard A/B marital deduction/bypass trust arrangement for himself. If Troy dies in 2021, which of the following would be correct (Assume No Deductible Expenses or Prior Gifts)? Troy separate property Anne separate property Community property $16,900,000 $700,000 $1,600,000 A Trust Receives B Trust Receives $ 6,000,000 $11,700,000 $ - 0- $13,074,200 А. В. $11,700,000 $ 6,000,000 $17,700,000 $4,625,800 C. D. In 2021, Richard gave gifts of $30,000 each to his church, his wife, his son, and his mother. Richard also created and funded a QTIP trust for his wife with $200,000 in which his daughter was to receive the remainder interest upon the death of the wife. A QTIP election will be made on Richard's gift tax return. What is the total value of the annual exclusions used by Richard? 23. А. $30,000 $45,000 $60,000 $90,000 None of the above. В. C. D. Е. 24. All the following items will be…

Required A,B

Derek purchases a small business from Art on August 30, 2022. He paid the following amounts for the business: Fixed assets Goodwill Covenant not to compete Total $256,600 51,320 64,150 $372,070 a. How much of the $372,070 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2022 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations.

During 2023, Anmol Frank had the following transactions: Alimony received (divorce occured in 2017) Interest income on IBM bonds She borrowed money to buy a new car Value of BMW received as a gift from aunt Federal income tax withholding payments The taxpayer's AGI is: a. $74,000. b. $76,000. c. $79,000. d.) $81,000. e. $90,000.

An estate has the following income: $5,000 3,000 1,000 Rental income Interest income Dividend income The interest income was immediately conveyed to the appropriate beneficiary. The dividends were given to charity as per the decedent's will. What is the taxable income of the estate? Multiple Choice $5,000. $4.400. $8,000. $8,400.

59. Upon death of Nicanor and after payment of the estate tax, it was determined that the net distributable estate amounted to Php 3,000,000.00 while the conjugal share of Inday as surviving spouse amounted to Php 5,000,000.00. Under the Rules of Succession, the following are the sharing in net distributive estate: Inday - ⅓ Jose - ⅓ Boni - ⅓ Assuming Inday waived her conjugal share in favor of his two children, the donor’s tax is? Answer:_______________

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       P0

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