esignated to his estate - 300,000 PhilAm Life, irrevocable, designated to his administrator - 400,000 Accident Insurance – 500,0000 GSIS benefits - 150,000 1.Determine the Gross Estate of Mr. Yap: ________________ 2.What are the non-taxable proceed of life insurance?

Q: T/F During life A, and A's employer each contributed $500,000 to a retirement plan established by…

A: Gross estate refers to the aggregate dollar amount of value of the assets of individual which is…

Q: his year, Janelle received $200,000 in life insurance proceeds. The proceeds related to a life…

A: Taxable income is the portion of an individual's or a company's income that is used to determine how…

Q: lexiy is a 66 year old widow. His wife died about 3 years ago. Olexly died peacefully in his sleep…

A: Tax liability is the payment owed by an individual business or other entity to a federal state or…

Q: The Jacksons want to establish a trust to provide for their children in case of their premature…

A: Irrevocable life insurance: A trust that is designed to hold ownership of one or more life insurance…

Q: Mr. Ernesto dela Cruz, had the following during the taxable year: • P1,500,000 for outliving his…

A: According the Philippines taxation there are some rules and procedures which are involved while…

Q: . The executor, administrator or any of the heirs are required to inform the BIR of such fact within…

A: S1 - Nicanor died. The executor, administrator or any of the heirs are required to inform the BIR of…

Q: During the current​ year, Madisonreports AGI of $195,000. As part of some estate​ planning, she…

A: During 2019 year, Madison reports AGI = $195000 She donates to Alma mater, Autumn university =…

Q: Willie Walker, a widower, died on February 1, 20X8.  He had no living relatives.  The following…

A: After the death of a person, all his assets and liabilities are transferred to his executors'…

Q: culate and provide answers for a, b, and c. Eduardo established a $5 million GRIT (grantor retained…

A: Interest Rate - The sum that the lender demands from the borrower in addition to the principal…

Q: Seymore named his wife

A: Gross income includes your wages, interest, dividends, capital gains, business income, retirement…

Q: At his death, Andrew was a participant in his employer's contributory qualified pension plan. His…

A: Answer:- Gross estate:- The term "gross estate" basically means the complete financial sum of a…

Q: A taxpayer is the sole beneficiary of two life insurance policies: Amount Description Policy on aunt…

A: A financial instrument known as insurance offers security against monetary loss or danger. It is an…

Q: Mr. Ernesto dela Cruz, had the following during the taxable year  • P1,500,000 for outliving his…

A: According the Philippines taxation there are some rules and procedures which are involved while…

Q: Gregorio is retiring from the partnership of Guerra, Guillermo, and Gregorio. The profit and loss…

A: …

Q: Jean died in a common-law state in 2022 and was survived by her husband, Loren, and three adult…

A: A federal tax on the property of a person who dies is known as the Federal estate tax. The gross…

Q: Marie’s father died on July 17, 2022 leaving her the sole beneficiary of his life insurance policy.…

A: The objective of the question is to determine the taxable income that Marie should report for the…

Q: Robert Provider purchases a joint and survivor annuity providing for payments of $200 per month for…

A: Joint and Survivor annuity :              An insurance service product for couples, where the…

Q: D) I and II

A: The correct option is D)I and II statements I and II correctly identify advantages or disadvantages…

Q: Joanna received $67,800 compensation the value of her stock in ABC from her employer, company…

A: Gross income refers to the total income earned by an individual before any deductions or taxes are…

Q: D creates a trust to last for 10 years, with income to D for the 10 year period and at the end of 10…

A: The income of the trust was to be earned by D and not the value of the trust If suppose the value of…

Q: A companies president died two years before her anticipated retirement, the company received a…

A: When a company's president passes away and the company receives a death benefit from a key executive…

Q: Ravin Raines was a participant was a participant in the YellerWood, Inc. contributory qualified…

A: Taxes are imposed on taxable events.

Q: Mandy was a participant in her employer's contributory qualified pension plan. Her contributions…

A: Introduction: Taxable income: Income tax is levied on taxable income.

Q: How much is to be included in the gross estate from the proceeds of life insurance?

A: The gross estate encompasses the total value of a deceased individual's assets, including real…

Q: A companies president died two years before her anticipated retirement, the company received a…

A: The company has a key executive life insurance policy on its president. The president unfortunately…

Q: Alex covered his automobile for a total of RO 60,000 with Al Ahlia Insurance and a total of RO…

A: The Insurance is always the safety cover for any mishappening. In case of any mishappening the…

Q: Mel and Susan Carter are working with an estate planner for disposition of their property during…

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: Monique, 61, created a custodial account and transferred $15,000 to the account for the benefit of…

A: Generation-Skipping Tax: The generation-skipping tax (GST), additionally alluded to as the…

Q: Calculate Irene's gross income.

A: answer Interest, U.S. Treasury bills =1950 Interest, bonds issued by Ford Motor Company = 1700

Q: Step purchased a $150,000 life insurance policy and named her three adult children as beneficiaries.…

A: Based on the policy's wording "in equal shares to my children who survive me" and assuming Stef's…

Q: insurance policy. Read the requirements Requirement a. What amount can USA Corporation deduct for…

A: Insurance is very common and necessary part of life due to many kinds of risks involved in the life…

Q: $10,000 in net premiums for his universal life insurance policy and took a withdrawal of S4, 000…

A: In universal life insurance there is life insurance and also there is some cash value of life…

Q: What amount of the trust, if any, will be included in Georgia's estate if she dies this year when…

A: An irrevocable trust which has been created by the creator (which here is the Georgia) is a type of…

Q: Question: What are the tax consequences-including estate tax liability--to both Tom and to his wife?

A: Tax Consequences for Tom: According to the Federal Estate Tax, Tom's estate's assets are valued at…

Q: Juancho died leaving a hologram will. In the last will, he identified his wife, all his 3 legitimate…

A: Answer; Hologram will is the handwritten letter where the heirs are mentioned for any property of…

Q: Cora, 79, has an estate that includes her personal residence valued at $120,000 and $18,000 in a…

A: The Answer of the above question is c ) option i.e. She should Execute a will that names her friend…

Q: Bret died and was survived by his wife, Anne, and two adult children. Bret's will provided for the…

A: ANSWER C) II and III

Q: of her mother's life insurance resulting from her death. Premiums paid totaled P780,000. • Increase…

A: According the Philippines taxation there are some rules and procedures which are involved while…

Q: LO.2 Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness.…

A: Gross income also referred to as gross pay on a paycheck is the total of a person's earnings before…

Q: Abel's employer provides Abel with a group life insurance benefit. Abel irrevocably transferred the…

A: Group life insurance is usually offered by an employer or other large-scale entity to its exisitng…

Q: MCIVTOMOM OM+ DIMIY SE5% 09 EN

A: The lumpsum insurance policy amount receipt is taxable over $…