Required: Compute for the net taxable estate and the tax due
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- Determine the gross estate under absolute community of property for the following properties. Mr. O., Filipino, married, died on August 1, 2019, exactly 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, 2014 Property inherited by Mrs. O from her father who died February 14, 2015 C Property inherited by Mr. O from his mother who died February 14, 2016 D Property inherited by Mrs. O from her mother who died February 14, 2017 Property acquired thru the labor of Mr. O 3,000,000 1,200,000 1,800,000 В 1,400,000 2,000,000 Mrs. O 1,500,000 Mr. & Mrs. O (family home) Other personal property 2,400,000 1,600,000 F 10,800,000 12,300,000 13,500,000 14,900,000On December 25, 1985, Peter and Andrea De Guzman were married. On June 12, 2020 Andrea died. On January 10, 2021, the inventory of their assets registered as follows: Acquired before marriage Peter Andrea Car P800,000 P550,000 Inherited land 2,000,000 Cash 500,000 Acquired during marriage Peter Andrea Cash P250,000 P350,000 Fruits from inherited land 500,000 These are in addition to a family home worth P12,800,000 and a farm worth P15,000,000 which they acquired jointly. Compute for the estate tax due provided that the following ordinary deductions were accounted: Funeral expenses P350,000 Unpaid mortgages 400,000 Required: 1. Compute for the estate tax due using 6% flat rate. 2. Justify the basis of computation, use the rules for married decedent as reference.Mr. F married, under absolute community, died on May 14, 2019, leaving the following: P 10,350,000 650,000 2,000,000 300,000 Family Home (house) Bank Deposit Coconut Plantation Other properties acquired thru labor (inclusive of jewelry, P200,000) Family Lot (inherited 1 year before his marriage w/c is 4 ½ years from the date of death) Family Vacation House, Baguio City 2,000,000 800,000 Deductions: Funeral Expense Amt. pledged as contribution for construction of parish church Accounts Receivable (documented) from debtor who is insolvent Unpaid Mortgage on coconut plantation 80,000 20,000 40,000 200,000 Note: Family lot - FMV 4 % years ago 1,000,000 Compute: Net Taxable Estate and estate tax due
- 48. Mr. A, Filipino, married to B with whom he has two children died on February 14, 2018. The inventory of the properties of the spouses show the following: a. House and lot in Manila owned by A before the marriage b. Agricultural land owned by B before the marriage c. Real property acquired during marriage d Family home acquired during mariage e. Personal property acquired during marriage f. Commercial building in Makati inherited by A during marriage from his father who died on February 14, 1987 & Apartment house inherited by B during marriage from her mother who died on February 14, 2003 h Proceeds of life insurance where the estate A was designated as the irrevocable beneficiary i Proceeds of life insurance where B was designated as the irrevocable beneficiary P3,000,000 1,200,000 2,000,000 2,200,000 1,400,000 2,000,000 4,000,000 1,000,000 2,000,000 Deductions claimed by the estate: 1. Legacy given in favour of Philippines government in deccdent's will P300,000 2. Claims against…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 property49. A, Filipino, married, died on January 2018, leaving the following: a Family Home b. Cash and other properties c. Benefits under RA 4917 d. Ordinary deductions for expenses, losses and taxes (ELIT) P 1,800,000 2,500,000 1,000,000 700,000 Determine the net taxable estate of A.
- Ma1. Part 3: Spouse purchased Blackacre, worth $200,000.00, as tenants by the entirety. Spouses purchased Blackacre in 1990. Upon the death of one of the spouses. a. Does an interest in property pass from the decedent o surviving spouse? b. What is the amount of the marital deduction? Part 4: Decedent leaves property in trust, the income to be paid to parent for parent’s life, and at parent’s death, the corpus to be distributed to decedent’s spouse or spouse estate. Does the transfer quality for a marital deduction?A married decedent who was under absolute community of properties died on October 15, 2018. His estate provided the following information. Real properties inherited before the marriage from his father who died 3 years before the present decedent's death ₱ 500,000 Real property given as gift by his uncle during marriage 4.5 years before the present decedent's death 15,000,000 Land inherited during the marriage from an aunt who died 6 years before the present decedent's death 10,500,000 House built on the inherited land from aunt using communal fund 9,000,000 Cash income from the real property received as gift by present decedent 500,000 Real properties received as donation by the surviving spouse before the marriage 10,800,000 Real properties acquired by the spouses during the marriage 10,500,000 Personal properties acquired during the marriage 10,000,000 Additional information: Actual funeral expenses 500,000 Judicial expenses 750,000 Medical expenses 800,000 Obligations incurred…Accounting In January 2020, Mrs. Cristiflor Buduhan, a widow and a Filipino citizen, executed a last will and testament regarding some of her assets as follows: I nheritance FMV at time of death Heirs_____________ Real property P4,000,000 Christopher (her son) Jewelries 1,000,000 Cristeta (her daughter) Car 200,000 Crisistomo (driver) In November 1, 2020, Mrs. Buduhan, died. Not included in her last will and testament was her 40% interest in EGV partnership amounting to P5,000,000 at the time of her death. Her undistributed income from partnership was P3,000,000 as of November 1, 2020. Actual expenses incurred during the interment are funeral, P200,000, and judicial, P100,000. Also there is an unpaid mortgage on the real property amounting to P300,000. How much estate will be given to Christopher? How much estate will be given to Cristeta? How much estate will be given to Crisostomo?
- This year Dan and Mike purchased realty for $218,500 and took title as equal tenants in common. However, Mike was able to provide only $53,500 of the purchase price and Dan provided the remaining $165,000. Required: a-1. Has Dan made a complete gift to Mike? a-2. What is the amount of the gift? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What is the amount of the gift? Amount of giftMr. X, single, died in Year 2020 leaving the following properties: Family house and lot Car Cash in Bank Compute the Net Estate of Mr. X. Compute the Estate Tax Payable. N.B. - Show solution/s in good form. P9,000,000 2,000,000 5,000,000Job purchased land as an investment on January 12, 2018, for $80,000. On January 31, 2021, Job sold the land for $33,000 cash. In addition, the purchaser assumed the mortgage of $62,000 on the land. What is the amount realized (not gain realized) on the sale of the land? a.$10,000 b.$23,000 c.$95,000 d.$103,000 e.None of these choices are correct.