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P 325,000 P380 Louie Floyd 117,000 25,000 12,000 15,000 10,000 105 30 8 7 18 Personal Income/Expenses of the Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle books

P 325,000 P380 Louie Floyd 117,000 25,000 12,000 15,000 10,000 105 30 8 7 18 Personal Income/Expenses of the Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle books

FINANCIAL ACCOUNTING
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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Louie P 325,000 117,000 25,000 12,000 15,000 10,000 Floyd P 380 0 105 0 20.000 8290 Personal Income/Expenses of the heirs: Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle Royalty, books 18.000 MU 1. Additional Information: without dependent children. Required: Determine the following: 1. Income tax payable of the estate 2. Income tax payable of Louie 3. Income tax payable of Floyd P4.3. (Trust) favor of Pedro. The following data were provided: Gross income of the trust Deductible business expenses of the trust Income distributed to Pedro during the year Dividend income from domestic corporation Dividend income from resident foreign corporation Interest income from U.S. $ deposits Interest income from peso deposits P3,000,000 1,800,000 200,000 100,000 100,000 200,000 100,000 Personal Income and Expenses of Pedro Compensation income Rental income (net) Rental expenses Royalty income, books Other royalty income Dividend from domestic corporation Dividend from foreign corporation Prize, S&R raffle Lotto winnings Quarterly tax payments 800,000 475,000 80,000 300,000 120,000 30,000 8,250 15,000 10,000,000 120,000
Transcribed Image Text:Louie P 325,000 117,000 25,000 12,000 15,000 10,000 Floyd P 380 0 105 0 20.000 8290 Personal Income/Expenses of the heirs: Gross Income Deductible expenses Dividend from domestic corporation Dividend from foreign corporation Prize, supermarket raffle Royalty, books 18.000 MU 1. Additional Information: without dependent children. Required: Determine the following: 1. Income tax payable of the estate 2. Income tax payable of Louie 3. Income tax payable of Floyd P4.3. (Trust) favor of Pedro. The following data were provided: Gross income of the trust Deductible business expenses of the trust Income distributed to Pedro during the year Dividend income from domestic corporation Dividend income from resident foreign corporation Interest income from U.S. $ deposits Interest income from peso deposits P3,000,000 1,800,000 200,000 100,000 100,000 200,000 100,000 Personal Income and Expenses of Pedro Compensation income Rental income (net) Rental expenses Royalty income, books Other royalty income Dividend from domestic corporation Dividend from foreign corporation Prize, S&R raffle Lotto winnings Quarterly tax payments 800,000 475,000 80,000 300,000 120,000 30,000 8,250 15,000 10,000,000 120,000
property from a decedent, or when a donor makes a gift of an MULTIPLE CHOICE. Choose the letter of the correct answer. Chipter Evercises Estates and Trusts Required: Determine the following: 1 Income tax payable of the trust Income tax payable of Pedro 2. arises when two or more heirs or beneficiaries inherit an undivided 1. Podivided property in favor of two or more donees a. Partnership b. Trust C. Joint account d. Co-ownership Which of the following shall qualify as co-ownership? Succession by several heirs to an undivided estate, the estate I. is not under administration; Donation of property to two or more beneficiaries. I. a. Both I and II b. Neither l nor II c. I only d. Il only Mse the following data for the next three (3) questions: Ana Lorna, and Fe, are the heirs of Pedro who died on Nov. 1, 2020. The properties of Pedro comprised solely of real property valued at P50.000,000 at the time of his death. rental income. In 2021, the property remained undivided and it derived a net rental income of P15,000,000, The property is primarily deriving 3. For income tax purposes, the heirs will be tax on net rental income from the inherited property for the year 2021 as: a. Partners in a commercial partnership b. Partners in a general professional partnership c. Partners in an unregistered co-partnership d. Co-owners 4. What amount should be reported as taxable income of the co- ownership? а. Р50,000,000 b. P15,000,000 c. P14,980,000 d. nil 217
Transcribed Image Text:property from a decedent, or when a donor makes a gift of an MULTIPLE CHOICE. Choose the letter of the correct answer. Chipter Evercises Estates and Trusts Required: Determine the following: 1 Income tax payable of the trust Income tax payable of Pedro 2. arises when two or more heirs or beneficiaries inherit an undivided 1. Podivided property in favor of two or more donees a. Partnership b. Trust C. Joint account d. Co-ownership Which of the following shall qualify as co-ownership? Succession by several heirs to an undivided estate, the estate I. is not under administration; Donation of property to two or more beneficiaries. I. a. Both I and II b. Neither l nor II c. I only d. Il only Mse the following data for the next three (3) questions: Ana Lorna, and Fe, are the heirs of Pedro who died on Nov. 1, 2020. The properties of Pedro comprised solely of real property valued at P50.000,000 at the time of his death. rental income. In 2021, the property remained undivided and it derived a net rental income of P15,000,000, The property is primarily deriving 3. For income tax purposes, the heirs will be tax on net rental income from the inherited property for the year 2021 as: a. Partners in a commercial partnership b. Partners in a general professional partnership c. Partners in an unregistered co-partnership d. Co-owners 4. What amount should be reported as taxable income of the co- ownership? а. Р50,000,000 b. P15,000,000 c. P14,980,000 d. nil 217
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