Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIESFamily home:Zonal value of land - Php 5,000,000Assessed value of land – Php 3,000,000Assessed value of house – Php 5,000,000Appraiser’s value – Php 20,000,0001,000 Shares in ABC Corp. a listed company:Opening price – Php 900Closing price – Php 1,200Lowest Quote – Php 800Highest Quote – Php 1,500Average Value - Php 1,0002,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father:Audited Financial Statements of XYZ Corp. disclosed the following:Assets – Php 10,000,000Liabilities – Php 4,000,000Outstanding shares of stocks – 10,000Par value Php 100.00 per shareJewelry of Inday (wife)Value at time of purchase - Php 1,000,000Note: Value at time of death of Nicanor – Php 2,000,000Cash:Cash on Hand (vault) – Php, 1,000,000Time deposits in Squid Bank – Php 4,000,000Savings deposits in Ulan Bank – Php 5,000,000Motor vehicles:Brand new car – Php 5,000,00070’s Vintage Car donated by his motherValue in market at time of death – Php 5,000,000Acquisition Cost – Php 4,000,000Cost of repairs/remodeling – Php 3,000,000 Other information:Conjugal ExpensesFuneral expense – Php 500,000Accountant’s fees – Php 4,000Lawyer’s fees – Php 500,000Unpaid Medical expenses – Php 1,000,000 How much is the estate tax due?

Estate tax:The tax levied on the transfer of a property after a person dies is known as estate tax.…

Answered: canor met Inday in 2000. They married…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 55P

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Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any:

PROPERTIES

Family home:

Zonal value of land - Php 5,000,000
Assessed value of land – Php 3,000,000
Assessed value of house – Php 5,000,000
Appraiser’s value – Php 20,000,000

1,000 Shares in ABC Corp. a listed company:

Opening price – Php 900
Closing price – Php 1,200
Lowest Quote – Php 800
Highest Quote – Php 1,500
Average Value - Php 1,000

2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father:

Audited Financial Statements of XYZ Corp. disclosed the following:

Assets – Php 10,000,000
Liabilities – Php 4,000,000
Outstanding shares of stocks – 10,000
Par value Php 100.00 per share

Jewelry of Inday (wife)

Value at time of purchase - Php 1,000,000
Note: Value at time of death of Nicanor – Php 2,000,000

Cash:

Cash on Hand (vault) – Php, 1,000,000
Time deposits in Squid Bank – Php 4,000,000
Savings deposits in Ulan Bank – Php 5,000,000

Motor vehicles:

Brand new car – Php 5,000,000
70’s Vintage Car donated by his mother

Value in market at time of death – Php 5,000,000
Acquisition Cost – Php 4,000,000
Cost of repairs/remodeling – Php 3,000,000

Other information:

Conjugal Expenses

Funeral expense – Php 500,000
Accountant’s fees – Php 4,000
Lawyer’s fees – Php 500,000
Unpaid Medical expenses – Php 1,000,000

How much is the estate tax due?

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