Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000.
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- Michael received a home as a gift from his uncle on March 15, 2023. His uncle paid $261,950 and its fair market value on March 15 is $362,000. Michael's uncle paid gift tax of $10,300. What is Michael's gain basis and loss basis for the home? (Round answers to O decimal places, e.g. 5,125.) Gain basis Loss basis $ LA $ 10,300 362,000How much is the Ordinary Deduction? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000…How much is the Estate Tax Payable? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000…
- Ms. Iniwan Sa Ere owns a residential house in a municipality located in Metro Manila. The fair market value of her house is ₱12 million. The Sangguniang Bayan of the Municipality fixed the assessment levels and tax rate based on the maximum allowable rates provided in RA 7160. The real property tax of Ms. Ere would be? a. ₱168,000.00 b. ₱192,000.00 c. ₱120,000.00 d. ₱144,000.00 e. ₱96,000.00 Using the information above, the disposition of proceeds from the real property tax paid by Ms. Ere would be? a. Metropolitan Manila Authority-₱42,000.00; Municipality-₱42,000.00; Barangays-₱36,000.00 b. Metropolitan Manila Authority-₱58,800.00; Municipality-₱58,800.00; Barangays-₱50,400.00 c. Metropolitan Manila Authority-₱50,400.00; Municipality-₱50,400.00; Barangays-₱43,200.00 d. Metropolitan Manila Authority-₱33,600.00; Municipality-₱33,600.00; Barangays-₱28,800.00 e. Metropolitan Manila Authority-₱67,200.00; Municipality-₱67,200.00; Barangays-₱57,600.00Compute the DST payable, if any. Disregard any penalty, if any. Relevant information: Juan Dela Cruz, single, Filipino citizen, and a resident of N. Reyes St., Manila City sold a piece of land with improvement (house) located in Brgy. Forbes Park, Makati City. In filing the Capital Gains Tax return, the BIR RDO which has jurisdiction over the transaction assigned Juan Taxpayer Identification No. 123-456-789-0000. YOU are the buyer. The RDO which has jurisdiction over your residence assigned you TIN no. 987-654-321-0000. As buyer, it was agreed, that you are to pay the documentary stamp tax. Additional information: Details House and Lot Title No. 14344 Tax Declaration No. - Land 99501 Tax Declaration No. - House 99502 Location Brgy. Forbes Park, Makati City Area 100sqm Classification Residential Details Zonal Value Assessed Value Lot in Makati Php 10,000,000.00 Php 5,000,000.00 House Php 5,000,000.00 Selling…On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. In what RDO will Nicanor file the capital gains tax return?
- On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto, Manila last March 15, 2021. The following are the information he provided to you: Selling price P 4,000,000 Cost of the principal residence (property was acquired in 2000) 2,000,000 Fair market value of land as per tax declaration (based on the latest tax declaration) 3,000,000 Fair market value of house as per tax declaration (based on the latest tax declaration) 2,000,000 Zonal value of the land as determined by the CIR 4,000,000 Additional information: He acquired a new principal residence amounting to P 3,000,000 located in Sampaloc, Manila last March 17, 2021. His TIN is registered in Makati where he works as an employee of ABC Corp while the TIN of the buyer of his principal residence is registered in Caloocan. In what RDO will Nicanor file the capital gains tax return? Group of answer choices a. RDO in Makati b. RDO in Manila c. RDO in…Michael received a home as a gift from his uncle on March 15, 2023. His uncle paid $261,950 and its fair market value on March 15 is $362,000. Michael's uncle paid gift tax of $10,300. What is Michael's gain basis and loss basis for the home? (Round answers to O decimal places, e.g. 5,125.) Gain basis Loss basis $Karen purchased land valued at $100,000 with virtual currency she had been given by her father who purchased it for $60,000. The virtual currency had a value on the date of the gift equal to $85,000 (i.e., a taxable gift of $69,000) on which he paid a $17,940 gift tax. What income, if any, must Karen recognize as a result of her purchase
- Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) Business Expenses Royalty from books Gain on direct sale to buyer of shares of stock of a domestic corporation held as capital asset Loss on sale of land in the Philippines held as capital asset with cost of P1,500,000 when the zonal value is P1,200,000 How much is the total income tax expense of Ana? 159,500 207,500 116,500 156,000 P700,000 300,000 40,000 70,000 500,000Angel, 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 payableVoytek transfers land worth $200,000 with an adjusted basis of $17,000 to his wife Gosha for her birthday. The land was purchased 3 years ago. Assume no gift tax was paid on the transfer. a) Does Gosha have gross income as a result of the gift? Yes or No. No? b If the answer is no, Explain why. c)What is Gosha basis in the land? d)What is Gosha holding period in the land?