Nicanor bought a car ten years ago costing Php 1,000,000.00. For income tax purposes, the car is full depreciated. Scrap value is 10% of cost as indicated in records. A person engaged in buying or selling valued the property at php 70,000. A buyer is willing to pay for php 50,000.00. What is the value to be used in computing estate tax? a. 0 b. 50,000 c. 100,000 d. 70,000

Nicanor bought a car ten years ago costing Php 1,000,000.00. For income tax purposes, the car is full depreciated. Scrap value is 10% of cost as indicated in records. A person engaged in buying or selling valued the property at php 70,000. A buyer is willing to pay for php 50,000.00. What is the value to be used in computing estate tax? a. 0 b. 50,000 c. 100,000 d. 70,000

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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