GIVEN: I Decedent - Filipino citizen Died - June 2021 Marriage - April 2013 Survived by - spouse, parents, 2 children Properties/Rights/Obligations at the time of death Residential house and lot (family home) purchased in 2014 Building apartment brought into the marriage (acquired in 2000) Income specifically identified from building apartment Bank deposit-EPCIB Agricultural land inherited by decedent 10 years ago from mother (value then 600,000) Farm inherited by decedent 3 years ago from father (value when inherited 2,500,000) Family car (acquired 2015) Other properties Unpaid mortgage - building apartment Unpaid taxes - building apartment 19,000,000 20,000,000 3,000,000 5,000,000 800,000 2,800,000 550,000 1,000,000 1,000,000 100,000
GIVEN: I Decedent - Filipino citizen Died - June 2021 Marriage - April 2013 Survived by - spouse, parents, 2 children Properties/Rights/Obligations at the time of death Residential house and lot (family home) purchased in 2014 Building apartment brought into the marriage (acquired in 2000) Income specifically identified from building apartment Bank deposit-EPCIB Agricultural land inherited by decedent 10 years ago from mother (value then 600,000) Farm inherited by decedent 3 years ago from father (value when inherited 2,500,000) Family car (acquired 2015) Other properties Unpaid mortgage - building apartment Unpaid taxes - building apartment 19,000,000 20,000,000 3,000,000 5,000,000 800,000 2,800,000 550,000 1,000,000 1,000,000 100,000
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 26P
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12. COMPUTE: Total special deductions
13. COMPUTE: Net taxable estate
14. COMPUTE: Estate tax payable
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT