FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
What is the estate tax return of Mark De Guzman?
Mark De Guzman died intestate on May 10, 2021 and is survived by his wife and two children. PERSONAL DATA OF DECEASED: Married on April 1, 1989 60 years old at the time of death. Wife: Antonette De Guzman DATA ON THE ESTATE OF DECEASED: COST/VALUE P10,000,000 9,000,000 ITEMS ACQUISITION DATE FV AT DEATH August 1988 September 2010 Family Home-PH P29,000,000 House and Lot-PH 15,000,000 65,000 Rental Income on House&Lot January 2015 February 1985 600,000 800,000 Car-PH 900,000 Stocks-Abroad 200,000 Stocks-PH April 2008 400,000 900,000 600,000 2,000,000 Business Interest 1995 Lot inherited from Parents on December 1999-PH 300,000 700,000 Lot donated to deceased on August 2018, with 800,000 1,100,000 unpaid mortgage of 500,000 to be assumed by donee Movables-PH 1980 200,000 900,000 150,000 Mobables-PH 1989-2021 600,000 450,000 Receivables 2000-2021 450,000 Losses, Obligations and Charges Unpaid Mortgage on 2,500,000 House and Lot Unpaid Mortgage on 200,000 Lot donated to the deceased Bad Debts written off 200,000 Losses on business interest not claimed by the business (incurred 3 months after death of decedent) 500,000
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Transcribed Image Text:Mark De Guzman died intestate on May 10, 2021 and is survived by his wife and two children. PERSONAL DATA OF DECEASED: Married on April 1, 1989 60 years old at the time of death. Wife: Antonette De Guzman DATA ON THE ESTATE OF DECEASED: COST/VALUE P10,000,000 9,000,000 ITEMS ACQUISITION DATE FV AT DEATH August 1988 September 2010 Family Home-PH P29,000,000 House and Lot-PH 15,000,000 65,000 Rental Income on House&Lot January 2015 February 1985 600,000 800,000 Car-PH 900,000 Stocks-Abroad 200,000 Stocks-PH April 2008 400,000 900,000 600,000 2,000,000 Business Interest 1995 Lot inherited from Parents on December 1999-PH 300,000 700,000 Lot donated to deceased on August 2018, with 800,000 1,100,000 unpaid mortgage of 500,000 to be assumed by donee Movables-PH 1980 200,000 900,000 150,000 Mobables-PH 1989-2021 600,000 450,000 Receivables 2000-2021 450,000 Losses, Obligations and Charges Unpaid Mortgage on 2,500,000 House and Lot Unpaid Mortgage on 200,000 Lot donated to the deceased Bad Debts written off 200,000 Losses on business interest not claimed by the business (incurred 3 months after death of decedent) 500,000
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