5. Decedent was a citizen of the Philippines Property No. 1, inherited from father within the year: Fair market value when inherited Fair market value of death Mortgage on the property when inherited Mortgage on the property paid by decedent Property No. 2, received as gift from the mother 1 ½ years ago P500,000 350,000 80,000 30,000 Value when received Value at death Gross estate which includes the properties above Deductions 400,000 450,000 6,000,000 450,000

Q: With $6,790,000 Paul's will creates a trust with the following provisions: life estate to Jacob…

A: The generation-skipping transfer tax is a statutory tax imposed when the property is transferred by…

Q: a.  Janette and Lola, who are sisters, acquire an apartment building, ownership listed as joint…

A: Furnished  % = $1200000/$2000000 =0.60 Or 60%

Q: Compute for the conjugal property, and for Concepcion’s exclusive properties.

A: Conjugal property is the value of the property which has been acquired or purchased by the partners…

Q: Mr. Pascua died, leaving the following properties and estate deductions: Family home Separate…

A: In Phillippines, the estate tax is 6 % of the net estate. Under TRAIN Law, it is 6 % but before this…

Q: Rachelle owned land with a basis of $200,000, subject to a mortgage of $125,000.  She exchanged the…

A: Lets understand the basics. When tranaction qualified for like kidn excghange treatment then gain…

Q: Carlos, a non-resident citizen, died abroad intestate (without a last will and testament) during the…

A: Estate Tax: It is the  tax levied  to lawful heirs and beneficiaries of the deceased person for the…

Q: Upon death of Nicanor and after payment of the estate tax, it was determined that the net…

A: Tax is the charge which is charged on the taxable income of the taxpayer but the government has also…

Q: Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable…

A: Calculation of Tax Credit Allowed: Foreign Estate tax paid = P600,000 Estate Tax Credit = (Net…

Q: Harmony, a citizen and resident of the Philippines, married, died, leaving the following properties:…

A: Correct option is p450,000.

Q: This year Gerry's friend, Dewey, was disabled. Gerry paid $14,500 to Dewey's doctor for medical…

A: According to IRS, Any transfer to an individual either directly or indirectly where full…

Q: a citizen and resident of the Philippines, sold to Mr. B on July 1, 2019 a piece of land held as…

A: If Buyer (Mr. B) is an individual not engaged in trade or business, the Tax calculation is as…

Q: A nonresident alien, married, died on September 2018. He left the following: Conjugal properties,…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto,…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Juan Carlos donated his property to his son while he is still alive. At the time of donation, the…

A: Answer: Donation that is made is subject to donor's tax @6% that is made above P 250,000 as per…

Q: The following pertain to the estate of a citizen decedent: Separate properties of the decedent…

A: Tax laws and the applicability of tax rates are given by IRS. Also, the deductions and exemptions…

Q: ied leaving the following properties: Air BNB villa in Palawan, which is acquired before marriage,…

A: Conjugal Partnership of Gains refers to the concept when the spouse puts up a common fund place to…

Q: Accounting In January 2020, Mrs. Cristiflor Buduhan, a widow and a Filipino citizen, executed a last…

A: Will is about your wishes to distribute your property in the event of your death.

Q: A decedent died leaving the following property:   Philippines USA Real Property 5,000,000.00…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: 1. Mr. Juan Basco. Filipino resident died on June 3, 2019 leaving the following, Exclusive property…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax…

A: The gross estate is the total amount of assets held by the deceased person at the time of his or her…

Q: Inday is settling the estate of his husband Nicanor, who died intestate. The following are the…

A: Estate Tax: Estate tax is  charged  on the estate of a person who has died and impose tax @ 6% based…

Q: Henry (an Australian resident for tax) is 16 years old, and he is the sole beneficiary of the Herald…

A: Tax means the fixed charge imposed by the government on the income for betterment and welfare of…

Q: A, Canadian and living in USA, died in 2020 with following properties: Condominium in USA of 2M…

A: Taxes are to be paid to the federal government for the property owned by an individual in a…

Q: Carlos and Connie own a farm as tenancy by the entirety (TBE). The farm is currently valued at $2…

A: Answer:- A) If Connie dies, $1m is included in her gross estate for estate tax purposes. This…

Q: Inday is settling the estate of his husband Nicanor, who died intestate. The following are the…

A: Tax is a charge on the income which is to be paid towards government by the tax payer. Estate tax is…

Q: Nicanor is a married man with surviving spouse: Community Properties: Real Property located in…

A: Estate tax: Estates with a net value of PHP5 million and below is  exempted from paying the estate…

Q: A, Filipino, married, died on January 2018, leaving the following: a Family Home b. Cash and other…

A: Net Taxable Estate of A = 6% of the value of Net Estate.  Net Taxable Estate of A = 6% * P4,600,000…

Q: Mr. Guy a citizen of Tokyo, single, died leaving a gross estate of 15,000,000 in the Philippines and…

A: The deductions from the Philippines gross estate will be the standard deduction and the amount spent…

Q: 2. How much is the donor's tax In January 2018, Don Nor donated commercial land to his second…

A: Donation tax is calculated at the rate of 6% on the amount of gift donated less the exempted gift…

Q: Jacques is an alien assigned in the Philippines to manage the regional area headquarters of Deli…

A: The Non Resident Aliens in Philippines are subject to income tax on the incomes…

Q: This year Dan and Mike purchased realty for $218,500 and took title as equal tenants in common.…

A: Equal tenants = Dan and Mike Purchased Realty = $ 218500 Mike's contribution = $ 53500 Dan's…

Q: A nonresident alien, married, died on September 2018. He left the following: Conjugal properties,…

A: Introduction : A nonresident alien, married, died on September 2018. He left some properties in…

Q: The executor of Niel, a Canadian in the Philippines, provided details of his properties in…

A: From 01 January 2018 in the Philippines, the estate tax is payable at 6% of the value of the Net…

Q: Nicanor left the following bank deposits upon his death: Uno Bank – Php 1,000,000 Dos Bank – Php…

A: Answer: In case of any tangible or intangible asset that is acquired by heirs, the amount is added…

Q: Nicanor, a resident Filipino citizen, married 10 years ago and is survived by wife Inday, son JR and…

A: Real property is the property of the person which is non-moveable and which is attach with the…

Q: Compute the DST payable

A: DST stand for Documentary stamp tax It is a stamp tax which is charged when there exists a sale of…

Q: On September 10,2022 he transfers his Ranchi house for Rs.64,00,000 (Stamp duty value is Rs.…

A: The income tax assessment is guided by the Income Tax Act, 1961, tax rulings by court…

Q: The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in…

A: Estate tax in Philippines is a tax imposed on the event of demise of the owner of the property or…

Q: 5. Mr. Pinoy, a resident citizen, sold to John on July 1, 2020 a piece of land held as capital asset…

A: The case of sale of purchase of Land is being evaluated below.

Q: Mr. Sy died leaving the following properties:  Rest house in Cebu, acquired before marriage…

A: The Conjugal partnership of gains is a proposition that helps in the determination of the gross…

Q: d. Assuming Farell is deemed to be an active participant in Sierra Vista and he has a $262,000 loss…

A: Given in the question:   Year 1 2020 Slerra Vista LLC   January 1, Tax Basis $106000…

Q: Mr. Nicanor was single at the time of death. Data were as follows: Country A: Net estate of P…

A: Estate Tax Credit While calculating the estate tax credit for the foreign estate tax paid first to…

Q: Edward donated a lot worth P650,000 to his cousin Karl subject to the condition that Karl will…

A: Donor's tax, often known as gift tax or donation tax, is levied on gratuitous transfers of assets to…

Q: Pedro bought a 1.5 Million 10-year life insurance policy for a total premium of P600,000. In the 6th…

A: Sec. 32(B)(1), Tax Code states that the proceeds of life insurance policies paid to the heirs or…

Q: mine the Gross Estate if the Decedent is  a. Citizen b. Resident Alien ________________ c. Non…

A: A tax deduction is declared by the taxable assessee for which the tax is being determined and he…

Q: Problem 5. On March 1, 2021, Lala received a building property from her parents as inheritance with…

A: Given information is: On March 1, 2021, Lala received a building property from her parents as…