A decedent has the following properties at the time of death: Community Exclusive Personal Property Real Property P 1,000,000 P 900,000 4,000,000 -0- Family Home 1,500,000 5,500,000 Claims against the 500,000 800,000 estate
A decedent has the following properties at the time of death: Community Exclusive Personal Property Real Property P 1,000,000 P 900,000 4,000,000 -0- Family Home 1,500,000 5,500,000 Claims against the 500,000 800,000 estate
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 41P
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Transcribed Image Text:A decedent has the following properties at the time of death:
Community
Exclusive
Personal Property
P 1,000,000
P 900,000
Real Property
4,000,000
-0-
Family Home
1,500,000
5,500,000
Claims against the
estate
500,000
800,000
The community's personal properties include a bank deposit under the
narme of the decedent. The heirs withdrew P100,000 a few days after
the decedent's death and the depository bank was informed of such
death.
What is the most advantageous method to reduce their estate tax
liability?
Exclude the withdrawn amount in the gross estate
Include the withdrawn amount in the gross estate
All methods will result to the same estate tax liability of P -0-
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