Mr. A, Filipino, married, died on January 1, 2020 leaving the following: a.) Property inherited from his father who died January 2, 2019: 1. Agricultural land 2. Residential land P 300,000 700,000 b.) Property inherited from his mother who died on November 1, 2014, one day after Mr. A's marriage to Mrs. A. 1. Fish Pond 2. Jewelry c.) Property acquired thru Mr. A's labor P 400,000 200,000 1. Residential house and lot used as family home 2. Motor Vehicles 3. Commercial Land P10,800,000 900,000 2,800,000 The commercial land has a mortgage of P300,000 of w/c P 200,000 was paid by Mr. A before his death. Also, Mr. A by will bequeathed to the City of Manila for exclusive public purpose the sum of P50,000. The agricultural land and residential land were previously mortgage for P400,000 when inherited whose P150,000 was paid by Mr. A during his lifetime. The estate tax incurred the following expenses a. Funeral Expense b. Judicial Expense c. Claims against the estate P90,000 80,000 250,000 Required: Compute for the net taxable estate and the tax due
Mr. A, Filipino, married, died on January 1, 2020 leaving the following: a.) Property inherited from his father who died January 2, 2019: 1. Agricultural land 2. Residential land P 300,000 700,000 b.) Property inherited from his mother who died on November 1, 2014, one day after Mr. A's marriage to Mrs. A. 1. Fish Pond 2. Jewelry c.) Property acquired thru Mr. A's labor P 400,000 200,000 1. Residential house and lot used as family home 2. Motor Vehicles 3. Commercial Land P10,800,000 900,000 2,800,000 The commercial land has a mortgage of P300,000 of w/c P 200,000 was paid by Mr. A before his death. Also, Mr. A by will bequeathed to the City of Manila for exclusive public purpose the sum of P50,000. The agricultural land and residential land were previously mortgage for P400,000 when inherited whose P150,000 was paid by Mr. A during his lifetime. The estate tax incurred the following expenses a. Funeral Expense b. Judicial Expense c. Claims against the estate P90,000 80,000 250,000 Required: Compute for the net taxable estate and the tax due
Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 82P
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Transcribed Image Text:Mr. A, Filipino, married, died on January 1, 2020 leaving the following:
a.) Property inherited from his father who died January 2, 2019:
1. Agricultural land
2. Residential land
P 300,000
700,000
b.) Property inherited from his mother who died on November 1, 2014, one day after Mr. A's marriage to
Mrs. A.
P 400,000
200,000
1. Fish Pond
2. Jewelry
c.) Property acquired thru Mr. A's labor
1. Řesidential house and lot used as family home
P10,800,000
900,000
2,800,000
2. Motor Vehicles
3. Commercial Land
The commercial land has a mortgage of P300,000 of w/c P 200,000 was paid by Mr. A before his death.
Also, Mr. A by will bequeathed to the City of Manila for exclusive public purpose the sum of P50,000.
The agricultural land and residential land were previously mortgage for P400,000 when inherited whose
P150,000 was paid by Mr. A during his lifetime.
The estate tax incurred the following expenses
a. Funeral Expense
b. Judicial Expense
c. Claims against the estate
P90,000
80,000
250,000
Required: Compute for the net taxable estate and the tax due
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ISBN:
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Author:
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Publisher:
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