If the decedent was a nonresident alien and his country exempts a Filipino citizen from estate tax, how much of his assets would be subject to reciprocity?P1,000,000P800,000P600,000P350,000 The gross estate of a decedent included the following:Land & building, PhilippinesHouse and lot, UKPersonal properties, UKHouse and lot, PhilippinesShares of stocks, UK corp.Shares of stocks, domestic corp.(certificate kept in UK)Shares of stocks, domestic corp.(certificate kept in Philippines)Franchise exercised in the PhilippinesFranchise exercised in UKCostP1,600,0001,800,0001,000,0004,000,000Fair ValueP2,000,0001,500,000600,0003,500,000200,000250,000100,000200,000150,00050,00050,000Receivables, debtor is from UKReceivables, debtor is from the Philippines

According to the principle of reciprocity, only the taxpayer's home state will deduct income taxes…

The gross estate of a decedent included the following: Land & building, Philippines Cost P1,600,000 Fair Value House and lot, UK 1,800,000 P2,000,000 1,500,000 Personal properties, UK 1,000,000 600,000 House and lot, Philippines 4,000,000 3,500,000 Shares of stocks, UK corp. 200,000 Shares of stocks, domestic corp. 250,000 (certificate kept in UK) Shares of stocks, domestic corp. 100,000 (certificate kept in Philippines) Franchise exercised in the Philippines 200,000 Franchise exercised in UK 150,000 Receivables, debtor is from UK 50,000 Receivables, debtor is from the Philippines 50,000

The gross estate of a decedent included the following: Land & building, Philippines Cost P1,600,000 Fair Value House and lot, UK 1,800,000 P2,000,000 1,500,000 Personal properties, UK 1,000,000 600,000 House and lot, Philippines 4,000,000 3,500,000 Shares of stocks, UK corp. 200,000 Shares of stocks, domestic corp. 250,000 (certificate kept in UK) Shares of stocks, domestic corp. 100,000 (certificate kept in Philippines) Franchise exercised in the Philippines 200,000 Franchise exercised in UK 150,000 Receivables, debtor is from UK 50,000 Receivables, debtor is from the Philippines 50,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter4: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 3BCRQ

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