A married decedent left the following inherited properties as part of his gross estate amounting to P15,000,000.P 1,500,000500,000The value of the land when inherited 2 % year ago was P1,200,000 and was subject to a mortgage ofP200,000 which was paid by the present decedent before he died. The shares of stock were valuedLandShares of stockat P600,000.The estate's executor has claimed the following deductions;P600,000350,000150,000300,000400,000700,0005,000,000Actual funeral expensesJudicial expensesClaims against insolventLegacy to National GovernmentMedical ExpensesAmount received by heirs under RA 4917Family HomeCompute for the vanishing deduction

Deductions The amount that a person or individual will reduce from the gross income earned is called…

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 P600,000 Judicial expenses 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 Family Home 5,000,000 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 P600,000 Judicial expenses 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 Family Home 5,000,000 Compute for the vanishing deduction

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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