Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?
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Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax:
|
Location of properties |
Philippines |
New Zealand |
|
Gross estate |
8,000,000 |
10,000,000 |
|
Allowable Deductions |
5,000,000 |
4,000,000 |
|
Net estate |
3,000,000 |
6,000,000 |
|
Estate tax paid |
|
Php 600,000 |
How much is the ESTATE TAX PAYABLE?
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- The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in connection with the processing and payment of his estate tax: Philippines Canada Gross estate 5,000,000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 500,000 How much is the ESTATE TAX PAYABLEThe executor of Niel, a Canadian in the Philippines, provided details of his properties in correction with the processing and payment of his estate tax: Philippines Canada Gross Estate 5,000,0000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 200,000 How much is the allowable Estate tax payable?The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in connection with processing and payment of his estate tax: Philippines Canada Gross estate 5,000,000 10,000,000 Allowable Deductions 5,000,000 5,000,000 Net Estate 0 5,000,000 Estate tax Paid 500,000 How much is the Allowable Tax Credit?
- 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?Inday is settling the estate of his Filipino husband Nicanor, who died intestatein the Netherlands where he works as an OFW. The following are thesummary of the details of Nicanor's properties in connection with theprocessing and payment of his estate tax: Philippines Brazil Netherlands Gross estate 5M 20M 15M Allowable 5M 10M 5M Deductions Net estate 0 10M 10M Estate tax paid 500k 1500000 How much is the ESTATE TAX PAYABLE?User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $ 45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $ 150,000
- Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000Angel, married resident alien, died on January 15, 2021. She left the following properties, expenses and obligations: Community properties, Philippines (including family home valued at P1,800,000) P8,000,000 Community properties, Abroad 2,000,000 Exclusive properties, Philippines 3,000,000 Claims against the estate (Common) 300,000 Devise to National Gov’t included in Common Properties 500,000 Legacy to Local Gov’t included in exclusive properties 700,000 Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax due and payable
- Philippine Estate tax (Currency in Peso) Leno (married) had the following at the time of his death: Calculate the: a. Net taxable estate; b. Estate tax; c. Net distributable estateLorna is a mixed income earner. She is a self-employed resident citizen and currently the Finance Manager of Omega Corporation. The following data were provided for 2018 taxable year: P 1,800,000 2,800,000 1,125,000 Compensation income Sales Cost of sales Business expenses Interest income from peso bank deposit Interest income from bank deposit under FCDS Gain on sale of land in the Philippines held as Capital asset with cost P1.5M when zonal is P1.2M 500,000 650,000 80,000 120,000 How much is her total income tax expense assuming she opted to be taxed at 8% P321,500 O P788,500 O P808,000 O P652,000Mr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.