Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands where he works as an OFW. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: PhilippinesBrazilNetherlandsGross estate5,000,00020,000,00015,000,000Allowable Deductions5,000,00010,000,0005,000,000Net estate010,000,00010,000,000Estate tax paid Php 500,0001,500,000 How much is the ESTATE TAX PAYABLE?

The government's need to make money is one of the main goals of estate taxes. The money raised by…

Answered: Inday is settling the estate of his…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands where he works as an OFW. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax:

	Philippines	Brazil	Netherlands
Gross estate	5,000,000	20,000,000	15,000,000
Allowable Deductions	5,000,000	10,000,000	5,000,000
Net estate	0	10,000,000	10,000,000
Estate tax paid		Php 500,000	1,500,000

How much is the ESTATE TAX PAYABLE?

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