Nicanor, head of the family, died in 2020. The list of his properties is given below: House and lot (family home) - Php 25,000,000 Cash in bank (Philippines) - Php 5,000,000 Jewelries - Php 5,000,000 Personal properties - Php 5,000,000 During settlement of estate, the following information were provided: Funeral and judicial expenses - Php 1,000,000 Claims against estate (unpaid medical expenses) Php 2,000,000 Claims against the estate (loan) - Php 2,000,000 Losses - Php 2.000.000
Nicanor, head of the family, died in 2020. The list of his properties is given below: House and lot (family home) - Php 25,000,000 Cash in bank (Philippines) - Php 5,000,000 Jewelries - Php 5,000,000 Personal properties - Php 5,000,000 During settlement of estate, the following information were provided: Funeral and judicial expenses - Php 1,000,000 Claims against estate (unpaid medical expenses) Php 2,000,000 Claims against the estate (loan) - Php 2,000,000 Losses - Php 2.000.000
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 8BCRQ
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Question
Nicanor, head of the family, died in 2020. The list of his properties is given below:
House and lot (family home) - Php 25,000,000
Cash in bank (Philippines) - Php 5,000,000
Jewelries - Php 5,000,000
Personal properties - Php 5,000,000
During settlement of estate, the following information were provided:
Funeral and judicial expenses - Php 1,000,000
Claims against estate (unpaid medical expenses) Php 2,000,000
Claims against the estate (loan) - Php 2,000,000
Losses - Php 2.000.000
How much is estate tax due?
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