er paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor - Php 5000,000 House and lot Nicanor inherited from his father: BIR Zonal value - Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2.000.000 2. House - Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: . Outstanding balance of the mortgage on his father's property - Php 400000 unpaid mortgage on Nicanor's Properties -500000 losses- 500000 total unpaid tax- 100000 Claims by hospitals on unpaid medical bills - 500000 Donation to the City Government for punlic use - 500000 how much is the estate tax due on the estate of Nicanor? close Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward Question After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor - Php 5000,000 House and lot Nicanor inherited from his father: BIR Zonal value - Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2.000.000 2. House - Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: . Outstanding balance of the mortgage on his father's property - Php 400000 unpaid mortgage on Nicanor's Properties -500000 losses- 500000 total unpaid tax- 100000 Claims by hospitals on unpaid medical bills - 500000 Donation to the City Government for punlic use - 500000 How much is the total allowable (ordinary and special deductions on the estate of Nicanor?

er paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor - Php 5000,000 House and lot Nicanor inherited from his father: BIR Zonal value - Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2.000.000 2. House - Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: . Outstanding balance of the mortgage on his father's property - Php 400000 unpaid mortgage on Nicanor's Properties -500000 losses- 500000 total unpaid tax- 100000 Claims by hospitals on unpaid medical bills - 500000 Donation to the City Government for punlic use - 500000 how much is the estate tax due on the estate of Nicanor? close Get live help whenever you need from online tutors!Try bartleby tutor todayarrow_forward Question After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor - Php 5000,000 House and lot Nicanor inherited from his father: BIR Zonal value - Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2.000.000 2. House - Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: . Outstanding balance of the mortgage on his father's property - Php 400000 unpaid mortgage on Nicanor's Properties -500000 losses- 500000 total unpaid tax- 100000 Claims by hospitals on unpaid medical bills - 500000 Donation to the City Government for punlic use - 500000 How much is the total allowable (ordinary and special deductions on the estate of Nicanor?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 38P

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ter paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below: Real properties and personal properties personally owned by Nicanor - Php 5000,000 House and lot Nicanor inherited from his father: BIR Zonal value - Php 3,000,000 Value per Tax Declaration: 1. Land - Php 2.000.000 2. House - Php 4,000,000 The following are expenses / deductions paid/payable attributable to the estate at the time of his death: . Outstanding balance of the mortgage on his father's property - Php 400000 unpaid mortgage on Nicanor's Properties -500000 losses- 500000 total unpaid tax- 100000 Claims by hospitals on unpaid medical bills - 500000 Donation to the City Government for punlic use - 500000 how much is the estate tax due on the estate of Nicanor?

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After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued at Php 5,000,000 on February 14, 2018. At the time of his father's death, the property is mortgaged in the amount of Php 1,000,000. On October 6, 2021, Nicanor died. The details of Nicanor's estate are reflected below:

Real properties and personal properties personally owned by Nicanor - Php 5000,000

House and lot Nicanor inherited from his father:

BIR Zonal value - Php 3,000,000

Value per Tax Declaration:

1. Land - Php 2.000.000

2. House - Php 4,000,000

The following are expenses / deductions paid/payable attributable to the estate at the time of his death:

. Outstanding balance of the mortgage on his father's property - Php 400000

unpaid mortgage on Nicanor's Properties -500000

losses- 500000

total unpaid tax- 100000

Claims by hospitals on unpaid medical bills - 500000

Donation to the City Government for punlic use - 500000

How much is the total allowable (ordinary and special deductions on the estate of Nicanor?

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