Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits – Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija – Php 10,000,000 Other Exclusive properties – Php 2,000,000 Community Deductions: Funeral Expenses – Php 500,000 Other Valid Deductions – Php 1,000,000 Medical Expenses – Php 1,000,000 Assuming Nicanor is head of the family, how much is the NET DISTRIBUTABLE ESTATE?

Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits – Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija – Php 10,000,000 Other Exclusive properties – Php 2,000,000 Community Deductions: Funeral Expenses – Php 500,000 Other Valid Deductions – Php 1,000,000 Medical Expenses – Php 1,000,000 Assuming Nicanor is head of the family, how much is the NET DISTRIBUTABLE ESTATE?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 55P

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Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits - Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija - Php 10,000,000 Other Exclusive properties - Php 2,000,000 Community Deductions: Funeral Expenses - Php 500,000 Other Valid Deductions - Php 1,000,000 Medical Expenses - Php 1,000.000 How much is the estate tax due?
Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits – Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija – Php 10,000,000 Other Exclusive properties – Php 2,000,000 Community Deductions: Funeral Expenses – Php 500,000 Other Valid Deductions – Php 1,000,000 Medical Expenses – Php 1,000,000 How much is the estate tax due?
Allan is a married man with surviving spouse: Community properties: Real property located in Manila- 5,000,000 Bank deposits- 5,000,0006 Exclusive Properties: Family home in Batangas- 10,000,000 other exclusive properties- 2,000,000 Community deductions: funeral expenses- 500,000 other valid deductions- 1,000,000 medical expenses- 1,000,000 assuming nicanor is head of the family, how much is the estate tax due?
8-17 Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits – Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija – Php 10,000,000 Other Exclusive properties – Php 2,000,000 Community Deductions: Funeral Expenses – Php 500,000 Other Valid Deductions – Php 1,000,000 Medical Expenses – Php 1,000,000 1. Assuming Nicanor is head of the family, how much is the estate tax due? 2. Assuming Nicanor is head of the family, how much is the NET DISTRIBUTABLE ESTATE?
Mrs. Manoban has a gross taxable compensation income of PHP 400,000 ad personal exemption of PHP 100,000. She earned additional PHP 2,000 by investing her money in time deposits plus PHP 3,000 interest income from lending money to a friend. Compute the taxable income PHP 400,000 PHP 302,000 PHP 303,000 PHP 305,000
Ms. Eun, single, Filipino citizen, died on her birthday on February 14, 2021 with the following information: House and lot in Makati City (at fair value) 30,000,000 House and lot in San Francisco, California, USA (at fair value) 10,000,000 Personal properties 15,000,000 Uncollected receivables from friends evidenced by promissory notes 2,000,000 Claims against insolvent persons 500,000 Unpaid debts at the time of death What is Ms. Eun’s reportable gross estate?
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?
16 Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of…
Mr. Fabic a Filipino died in Canada leaving the following: Property Bank deposit Car Location Abroad Cost $1,000,000 650,000 Philippines Family home Philippines 2,800,000 Expenses: Funeral Judicial FMV at Death € 1,000,000 160,000 2,350,000 135,000 45,000 Medical 600,000 Required: Compute the total allowable deductions from the gross estate.
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021, Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax, if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land – Php 3,000,000 Assessed value of house – Php 5,000,000 Appraiser’s value – Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price – Php 900 Closing price – Php 1,200 Lowest Quote – Php 800 Highest Quote – Php 1,500 Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: Assets – Php 10,000,000 Liabilities – Php 4,000,000 Outstanding shares of stocks – 10,000 Par value Php 100.00 per share Jewelry of Inday (wife) Value at time of purchase - Php…
3 During the current year 2021, Nicanor, Jr. who resides in R. Papa Street, Sampaloc Manila and with Tin 135-567-890-006. Made the following gifts: Date Donee Amount of donation June 1, 2018 Junior, his son, on account of his marriage celebrated June 1, 2018 P 150,000 cash July 10, 2018 His friend Aprot P 400,000 a second hand motor vehicle September 30, 2018 His daughter Julia P 450,000 cash dowry, on account of her scheduled marriage on October 25, 2018 November 23,2018 His father, Nicanor, Sr. A parcel of land worth P 180,000, subject to the condition that his father would assume the mortgage indebtedness of Jose in the amount of P 40,000; On November 23, 2018 gift, using the Donor’s Tax Return (BIR Form No. 1800), how much will be reflected on line 18(Tax Payable/(Overpayment)) ?