Which statement is wrong? Losses are deductible from the gross estate:a. If arising from earthquake.b. If not compensated by insurance or other form of indemnity.c. Should be of property included in the Philippine gross estate.d. Must be sustained during the settlement of the estate.
One of the following statements is wrong. Claims against insolvent persons:
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Mr. Alejar, a certified public accountant, is in the prime of his life, he was sohappy and would like to share the joy with his son. In that frame of mind he soldhis properties to his son. Two months after the sale, Mr. Alejar died: SellingSellingPrice(considerationreceived)Fair MarketValue atSaleFair Market Value atdeathHouse & Lot, MarikinaP50,000P5,000,000 P5,000,050Shares of stock of adomestic corporationP75,000P70,000P76,000Rolex WatchP50,000P75,000P45,000How much should be added in Mr. Alejar’s gross estate.
