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
Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations
Section: Chapter Questions
Problem 4RP
Related questions
Question
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
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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