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

At the time of her death on September 4, Alicia held the following assets: Bonds of Emerald Tool Corporation Stock in Drab Corporation Insurance policy (face amount of $1,456,000) on the life of her brother, Mitch Traditional IRAs Cash surrender value. Fair Market Value The amount included in Alicia's gross estate for these items is $ $3,640,000 4,368,000 * 291,200 1,092,000 Alicia also held a lifetime income interest in a trust (fair market value of trust assets $5,500,000) created by her late spouse Bert. (The executor of Bert's estate had made a QTIP election.) In October, Alicia's estate received an interest payment of $15,000 ($7,500 accrued before September 4) paid by Emerald and a cash dividend of $10,550 from Drab. The Drab dividend was declared on August 19 and was payable to date of record shareholders on September 3. Although Mitch survives Alicia, she is the designated beneficiary of the insurance policy. The IRAs are distributed to Alicia's children.

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

17. TP had an adjusted basis in her LLC interest of $50,000 immediately before she received a current proportionate distribution of $20,000 cash, unrealized accounts receivable with a basis of 0 and a FMV of $10,000, and real property with a basis of $40,000 and a FMV of $50,000. Her basis in the distributed real property is: a. 0 b. $30,000 c. $20,000 d. $40,000 e. None of the above

When Jen dies this year her gross estate included the following: • Cash $249,295 held in Jen's name • Investments $2,461,396 title Tenants in Common with her husband Jake a U.S. Citizen • Life Insurance $1,982,343 son is beneficiary • House $1,520,148 owned solely by Jen Jen's will leaves $20,000 to her son and the remainder of her probate assets to Jake. Estate Administrative expenses are $25,000 for administrative expenses, $50,000 for funeral expenses and $200,000 for a mortgage. What is the amount of the marital deduction on Jen's estate tax return?

The estate of Nancy Hanks reports the following information: What is the taxable estate value? $7,070,000. $7,100,000. $7,180,000. $7,420,000.

None

Lizette inherited the following items from her grandmother: Unrealized Gain/(Loss) Painting $25,000 Stocks $20,000 Vehicle ($15,000) How much gain/(loss) is Lizette required to report in income? OA) $45,000 gain Adjusted Basis Fair Market Value $75,000 $50,000 $25,000 $50,000 $30,000 $40,000 B) $150,000 gain C) $0 gain D) $30,000 gain