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

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 60P

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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
In the current year, Madison inherited investment property from a parent's estate with a fair market value of $200,000. The parent had a basis in the asset of $100,000. Madison sold the property for $150,000 in the year the parent died. What is Madison's gain or loss on the sale? $50,000 short-term loss. ○ $50,000 long-term gain. O $50,000 long-term loss. $50,000 short-term gain.
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