After paying the corresponding estate tax. How much is the estate tax due in estate of Nicanor. After paying the corresponding estate tax, Nicanor inherited a houseand 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 inthe 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 NicanorPhp 5,000,000House and lot Nicanor inherited from his fathe:BIR Zonal value Php 3,000,000Value per Tax Declaration:1. Land - Php 2,000,0002. House - Php 4,000,000 The following are expenses / deductions paid/payable attributable tothe estate at the time of his death:Outstanding balance of the mortgage on his father's property-Php 400,000Unpaid mortgage on Nicanor's properties - Php 500,000• Losses - Php 500,000Total unpaid taxes - Php 100,000Claims by hospitals on unpaid medical bills Php 500,00O• Donation to the City Government for Public Use - Php 500,000How much is the estate tax due on the estate of Nicanor?

There are two types of expenses or claims against an estate that can be used to figure out how much…

Answered: How much is the estate tax due on the…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations

Section: Chapter Questions

Problem 23CE

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Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?
Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2019 gross income: a. On September 30, 2019, she cashed in Series EE bonds for 10,000. She purchased the bonds in 2009 for 7,090. The yield to maturity on the bonds was 3.5%. b. On July 1, 2018, she purchased a CD for 10,000. The CD matures on June 30, 2020, and will pay 10,816, thus yielding a 4% annual return. c. On July 1, 2019, she purchased a CD for 10,000. The maturity date on the CD was June 30, 2020, when Marlene would receive 10,300.
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 5,000,000 House and lot Nicanor inherited from his father: BIR Zonal value – Php 3,000,000 Value per Tax Declaration: Land – Php 2,000,000 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 400,000 Unpaid mortgage on Nicanor’s properties – Php 500,000 Losses – Php 500,000 Total unpaid taxes – Php 100,000 Claims by hospitals on unpaid medical bills – Php 500,000 Donation to the City Government for Public Use – Php 500,000 How much is the…
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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