68. How much is to be included in the gross estate from the proceeds of life insurance? MoonLife Insurance - Inday (wife) irrevocably designated as beneficiary - Php 1 Million PhilCam Insurance - Executr of Nicanor is revocably designated as beneficiary - Php 1 Million ProLife OK Insurance - Estate of Nicanor is the revocably designated as beneficiary - Php 1 Million SunDeath Insurance - Junior (son) revocably designated as beneficiary - Php 1 Million Answer:_____________

68. How much is to be included in the gross estate from the proceeds of life insurance? MoonLife Insurance - Inday (wife) irrevocably designated as beneficiary - Php 1 Million PhilCam Insurance - Executr of Nicanor is revocably designated as beneficiary - Php 1 Million ProLife OK Insurance - Estate of Nicanor is the revocably designated as beneficiary - Php 1 Million SunDeath Insurance - Junior (son) revocably designated as beneficiary - Php 1 Million Answer:_____________

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 27CE

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Similar questions

How much is to be included in the gross estate from the proceeds of life insurance? MoonLife Insurance – Inday (wife) irrevocably designated as beneficiary – Php 1 Million PhilCam Insurance – Executor of Nicanor is revocably designated as beneficiary – Php 1 Million ProLife OK Insurance – Estate of Nicanor is the revocably designated as beneficiary – Php 1 Million SunDeath Insurance – Junior (son) revocably designated as beneficiary – Php 1 Million
64. Nicanor, single, received the following in 2022: Proceeds of his life insurance paid at annual premium of P 15,000 within 25 years (outlived the policy) P 2,000,000 Proceeds of Inday’s (Mother of Nicanor) life insurance paid at an annual premium of P 10,000 within 20 years 1,000,000 House and lot from inherited properties 4,000,000 Rent income from inherited properties 200,000 For income tax purposes, how much of the above items must be excluded from Nicanor’s gross income? Group of answer choices b. 4,000,000 a. 7,000,000 d. 5,000,000 c. 6,000,000
Zac Peterson’s estate reports the following information: Value of estate assets . . . . $2,300,000Conveyed to spouse .. . . . .. . 1,000,000Conveyed to children . . . . . . . 230,000Conveyed to trust fund for benefit of cousin . . . . . . . . . . . 500,000Conveyed to charities . . . . . .. 260,000Funeral expenses . . . . . . . . . . . 23,000Administrative expenses . . . . . 41,000Debts . . . . . . . . . . . . . . . . . . .. 246,000 What is the taxable estate value?
Mrs. Sanchez Mira had a gross taxable compensation income ofP400,000. She also earned an additional P2,000 by investing hermoney in time deposits plus P3,000 interest income from lendingmoney to a friend. Compute her taxable income.
Pedro bought a 1.5 Million 10-year life insurance policy for a total premium of P600,000. In the 6th year, Pedro died and his heirs received 1.5Million from the insurance company. Total premiums paid by Pedro was 360,000. How much is the return OF capital? How much is the return ON capital? How much is the TAXABLE INCOME? Choices for the three questions are: 360,000 1.5 Million zero 1,140,000
N2 Linton transferred his fixed annuity to his sister for $1. He had paid $25,000 into the contract and at the time of the transfer, the annuity's surrender value had grown to $40,000. How much, if any, of this transfer is taxable to Linton? a. $0 b. $1 c. $15,000 d. $40,000
The estate of Nancy Hanks reports the following information: Value of estate assets .. . . . $8,400,000Conveyed to spouse . .. . . . . 700,000Conveyed to children . . . . . . . 100,000Conveyed to charities . . . . . . 420,000Funeral expenses . . . . . . . . . . . 50,000Administrative expenses . . . . . 20,000Debts . . . . . . . . . . . . . . . . . . . . 110,000 What is the taxable estate value? Choose the correct. a. $7,070,000. b. $7,100,000.c. $7,180,000.d. $7,420,000.
1. If John had deposited N$ 100 000 of his lump sum into a NamPost saving accountand earned interest on the savings account, the interest received by John would notbe taxable.a) Falseb) True2. Specifically included in John’s Gross Income should be any amount, excluding allvoluntary award, received or accrued in respect of services rendered or to berendered.a) Trueb) False 3. Desmond Xaweb 68-year old pensioner owns three tuck shops in Kunene Region. Hehas lived his whole life in Namibia and has never left the country. Desmond is alsothe owner of a house located a few kilometres outside Okahandja. After his death inJanuary this year, Desmond’s grandson, Dion, inherited the house. The house wasvalued at N$ 2 500 000 by an independent real estate evaluator. After facing cashflow problems, Dion decided to sell the house for N$ 2 000 000 during the sameyear. Will the proceeds from the sale of house by Dion be considered of incomenature?a) Trueb) False 4.24. Lisa Kutako, a property developer…
Which statement is true? Statement 1: The maximum amount of deductible family home from the gross estate is P10,000,000 Statement 2: If the family home is exclusive property of the surviving spouse and has a current market value of P1,000,000, such amount is not subject to estate tax.
At May 31, 20x1, Quay owned a P10,000 whole-life insurance policy with cash surrender value of P4,500. The cash surrender value is used as a collateral security for an outstanding loan of P2,500. In Quay's May 31, 20x1 statement of financial position, what amount should be reported as investment in life insurance? Answer:
A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000.
The following expenses and obligations were left by Zahra upon his death: Notes payable, not notarized, P300,000 Loans payable, PNB, P3,000,000 Accounts receivable, debtor not insolvent, P400,000 Accounts receivable, debtor is insolvent, P600,000 Retirement benefits under R.A. 4917 (included in the gross estate), P2,000,000 Mortgage paid, P500,000 Income taxes on income of decedents estate, P75,000 How much is the TOTAL allowable deductions from the gross estate that would appear in the decedent's estate tax return?