Q33 Nicanor has a house and lot which he acquired by virtue of donationfrom his parents ten years ago. The value at the time is Php 1 Million.When Nicanor was alive, the house and lot was mortgaged for Php10,000,000 at ABC Bank. Nicanor had the property appraised in2020 at Php 15,000,000.00. At the time of Nicanor's death, value ofthe lot as prescribed by the City assessor is at Php 2,000,000.00while the house is at Php 3,000,000. The zonal value in the BIRwebsite is Php 4,000,000.00. The value of the house and lotassuming Nicanor died in 2021 is?O Php 7,000,000O Php 10,000,000O Php 15,000,000O Php 5,000,000O Php 4,000,000

The estate law prescribed valuation rules deciding monetory value of properties of deceased person.…

Answered: Nicanor has a house and lot which he…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 5BCRQ

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56 Nicanor has a house and lot which he acquired by virtue of donation from his parents ten years ago. The value at the time is Php 1 Million. When Nicanor was alive, the house and lot was mortgaged for Php 10,000,000 at ABC Bank. Nicanor had the property appraised in 2020 at Php 15,000,000.00. At the time of Nicanor’s death, value of the lot as prescribed by the City assessor is at Php 2,000,000.00 while the house is at Php 3,000,000. The zonal value in the BIR website is Php 4,000,000.00. The value of the house and lot assuming Nicanor died in 2021 is? Group of answer choices Php 7,000,000 Php 4,000,000 Php 15,000,000 Php 10,000,000 Php 5,000,000
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