Mr. A a piece of land and a car from her father on March 18, 2020, At inheritance, data on the properties were: Fair market value of land Fair market value of car Mortgage on the land Mr. A's payment during her lifetime on the mortgage was P1,600,000 240,000 600,000 P100,000 On July 29, 2021, Mr. A died. Included in his gross estate of P4,500,000 was: The land inherited from the father, fair market value The car inherited from the father, fair market value P1,800,000 Deductions from the gross estate of Miss C for expenses, losses, indebtedness, unpaid mortgage, taxes, etc., (selected ordinary deductions) amounted to (a) How much is the vanishing deduction? 100,000 600,000 (b) How much is the net taxable estate? Mr. Z died with a gross estate consisting of: Family home has Claims against the estate How much is the total of deductions from the gross estate? P13,000,000 500,000

Mr. A a piece of land and a car from her father on March 18, 2020, At inheritance, data on the properties were: Fair market value of land Fair market value of car Mortgage on the land Mr. A's payment during her lifetime on the mortgage was P1,600,000 240,000 600,000 P100,000 On July 29, 2021, Mr. A died. Included in his gross estate of P4,500,000 was: The land inherited from the father, fair market value The car inherited from the father, fair market value P1,800,000 Deductions from the gross estate of Miss C for expenses, losses, indebtedness, unpaid mortgage, taxes, etc., (selected ordinary deductions) amounted to (a) How much is the vanishing deduction? 100,000 600,000 (b) How much is the net taxable estate? Mr. Z died with a gross estate consisting of: Family home has Claims against the estate How much is the total of deductions from the gross estate? P13,000,000 500,000

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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