FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Related questions
Question
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?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and RJ and senior citizen parents Papa Bear and Mama Bear who are all living with him at the time of his death on January 1, 2021 leaving the following properties Real properties: Family home in Laguna (Zonal Php 8 Million; Assessed value Php 4 Million) Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) Inherited house in Manila (Zonal value Php 10 Million; Assessed value Php 5 Million) Other personal properties: Motor vehicles New car – Php 2 Million Used car – Current market price is Php 2 Million. Nicanor purchased the car last year at Php 3 Million Cash Cash in vault – Php 1 Million Cash in Bank of Macabeybi – Php 5 Million Cash in Bank of Pilipens – Php 5 Million Conjugal/Community Deductions: Funeral expense – Php 2 Million Mausoleum – Php 2 Million Judicial expenses – Php 1 Million Unpaid medical expenses – Php 10 Million How much…arrow_forwardAnswer the ff. requirementsarrow_forwardAssuming Ana is a non-resident alien, the gross estate is: Ana, died in Syria leaving the following properties: P 1,000,000 2,000,000 100,000 House and lot in Syria Vacant lot in Manila Shares of stock in a foreign corp., 70% of the business is located in the Philippines Shares of stock in a domestic 200,000 corp., 60% of the business is located in the Philippines Car in Manila 500,000 P2,000,000 P2,500,000 P3,800,000 P2,600,000arrow_forward
- 50. Mr. O, Filipino, married, died on August 1, 2018, three years after his marriage to Mrs. O. He left the following: a. Property inherited by Mr. O from his father who died February 14, 2013 b. Property inherited by Mrs. O from her father who died February 14, 2014 c. Property inherited by Mr. O from his mother who died February 14, 2015 d. Property inherited by Mrs. O from her mother who died February 14, 2016 c. Property acquired thru the labor of P3,000,000 1,200,000 1,800,000 1,400,000 Mr. O Mrs. O Mr. & Mrs. O (family bome) 2,000,000 1,500,000 2,400,000 1,600,000 f. Other personal property Deductions claimed by the estate: a. Funeral expense b. Unpaid mortgages on property in letters: a 500,000 c. Claims against the estate d. Accrued taxes (before the death of Mr.O) 220,000 b. 300,000 c. 180,000 d 200,000 170,000 80,000 Determine the net taxable estate assuming 1. Conjugal partnership of gains 2. Absolute community of propertyarrow_forward3arrow_forwardNicanor is a married man with surviving spouse: Assuming Nicanor is head of the family, how much is the estate tax.arrow_forward
- Donna Stober's estate has the following assets (all figure approximate fair value): Investments in stocks and bonds $1,552000 House 756,000 Cash 74,900 Investment land 60,800 Automobiles (three rare vehicles) 59,000 Other assets 108,000 The house, cash, and other assets are left to the decendent's spouse. The investment land is contributed to a charitable organization. The automobiles are to be given to the decendent's brother . The investments in stocks and bonds are to be put into a turst fund. The income generated by this trust will go to the decendent's spouse annually until all of the couple's children have reached the age of 25. At that time, the…arrow_forwardMr. A, Filipino, married, died on January 1, 2020 leaving the following: a.) Property inherited from his father who died January 2, 2019: 1. Agricultural land 2. Residential land P 300,000 700,000 b.) Property inherited from his mother who died on November 1, 2014, one day after Mr. A's marriage to Mrs. A. P 400,000 200,000 1. Fish Pond 2. Jewelry c.) Property acquired thru Mr. A's labor 1. Řesidential house and lot used as family home P10,800,000 900,000 2,800,000 2. Motor Vehicles 3. Commercial Land The commercial land has a mortgage of P300,000 of w/c P 200,000 was paid by Mr. A before his death. Also, Mr. A by will bequeathed to the City of Manila for exclusive public purpose the sum of P50,000. The agricultural land and residential land were previously mortgage for P400,000 when inherited whose P150,000 was paid by Mr. A during his lifetime. The estate tax incurred the following expenses a. Funeral Expense b. Judicial Expense c. Claims against the estate P90,000 80,000 250,000…arrow_forwardLast year, lana purchased a $100,000 account receivable for $90,000. During the current year, Lucy collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. a.$7,000 gain b.$3,000 loss c.$13,000 loss d.$2,000 gainarrow_forward
- 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 Case 1: Assuming Nicanor is head of the family, how much is the estate tax due? Case 2: Assuming Nicanor is head of the family, how much is the net distributable estate? Case 3: How much is the estate tax due?arrow_forwardMr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.arrow_forwardVoytek transfers land worth $200,000 with an adjusted basis of $17,000 to his wife Gosha for her birthday. The land was purchased 3 years ago. Assume no gift tax was paid on the transfer. a) Does Gosha have gross income as a result of the gift? Yes or No. No? b If the answer is no, Explain why. c)What is Gosha basis in the land? d)What is Gosha holding period in the land?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education