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Land and house family home p 3000000 agricultural

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Land and house (family home)P 3,000,000Agricultural land inherited from his father who died2 ½ years before his death800,000Other real properties1,000,000Other tangible personal properties200,000Bank deposit, PNB-Manila representing amountreceived by heirs under R.A. No. 4917500,000
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/South-Western-Federal-Taxation-2020-Comprehensive-43rd-Edition-9780357109144-1159/
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Chapter 7 / Exercise 42
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
Obligations of and charges against certain properties follow:Medical expenses of last illness (unpaid as of the timeof death, supported by bills and statements fromhospital)P600,000Actual funeral expenses (30% paid for from theestate, 70% paid for by relatives)500,000Judicial expenses incurred within six (6) monthsafter death100,000Claims against the estate other than unpaid mortgage250,000Unpaid mortgage on inherited agricultural land30,000Claims against insolvent persons100,000Unpaid real estate tax for the 4thquarter of 201120,000The agricultural land was inherited by the present decedent. Its value at the time of inheritance was P500,000. It had anunpaid mortgage of P80,000.9. How much was the vanishing deduction?
10. How much was the total deduction excluding family home, standard deduction and medical expenses?
11. How much was the taxable net estate?
12. How much was the estate tax payable?a. P 109,786b. P 118,271c. P 111,907d. None of the choices
13-20 are based on the following:A married decedent who was under absolute community of properties did on October15, 2011. His estate provided the following information:Real properties inherited before the marriage from hisfather who died 3 years before the presentdecedent’s deathP500,000Real property given as gift by his uncle during the marriage4 ½ years before the present decedent’s death1,500,000Land inherited during the marriage from an aunt whodied 6 years before the present decedent’s death500,000House built on the inherited land using communal fund900,000Cash income from the real property received as gift100,000Real properties received by the surviving spouse beforethe marriage1,800,000Real properties acquired by the spouses during the marriage1,500,000Personal properties acquired during the marriage1,000,000The following were considered as deductions from the gross estate:
Actual funeral expensesP100,000Judicial expenses150,000Medical expenses200,000Obligations incurred before marriage that benefited thecommunity properties250,000Claims against an insolvent debtor50,000Unpaid mortgage on inherited land100,000Loss of car through theft on December 31, 2011 (part ofpersonal properties acquired during marriage)300,000Unpaid realty tax on real property received as gift fromhis uncle30,000The value of the real properties at the time of inheritance was P300,000. The value of the real property received as giftfrom an uncle was P1,000,000 at the time of donation.The inherited land and the house built on it were certified as the family home of the decedent and his family by theBarangay Captain in the locality where they were situated.

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Term
Spring
Professor
N/A
Tags
Taxation in the United States, Gross Estate
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
South-Western Federal Taxation 2020: Comprehensive
The document you are viewing contains questions related to this textbook.
Chapter 7 / Exercise 42
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified

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