How does an executor discover the claims against an estate?

Q: When recording the inventory of an estate, the assets of the estate are recorded net of the…

A: Inventory is regarded as the items that are kept in a business that are used for sales or the…

Q: What assets are normally included as estate properties?

A: Probate laws: After the death of a decedent, in order to seek the problems of how his property…

Q: What is the alternate date for valuing the assets of an estate? When should this alternate date be…

A: The alternate date for valuing the assets of an estate is the date after six months from the date of…

Q: What is the objective of the process of abatement? Choose the correct.a. To give legal structure to…

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Q: When should a property be sold?

A: Sale of property: The act of transferring the title to the buyer by the seller after receiving the…

Q: At what value are the assets within an estate reported?

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: The holding period for property acquired by inheritance begins on the date of the decedent's death…

A: The concept given here is on period of holding asset from inheritance, whether be long term or short…

Q: Statement I: An estate represents the assets of a deceased person after all liabilities and taxes…

A: An estate is the total worth the person owned in the form of asset after deducting all the taxes and…

Q: how are carryovers of losses generally treated in ther final year of an estate?

A: Answer are as follows.

Q: What is the difference between distributing property per capita and per stirpes?

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Required: Determine the net taxable estate and the estate tax due.

A: Mr Lago A Philippines resident died on 30th Nov., 2020. We are given a list of the properties owned…

Q: Which of the following are characteristics of the probate process? It provides for distribution of…

A: Probate is a legal procedure to ensure that any person's assets should be distributed as per his…

Q: In accounting for an estate or trust, how is the distinction between principal and income…

A: In accounting for an estate or trust, principal means the property or assets which have been…

Q: Briefly summarize the differences between principal and income transactions for estates and trusts .…

A: In simpler terms estate indicates the property owned by an entity.  In accounting terms the estate…

Q: What are the responsibilities of the executor of an estate?

A: Anyone can be an executor. It is usually one of the nominees or the person benefitting from the…

Q: What transactions are normally viewed as changes in the principal of an estate? What transactions…

A: Change in Principal:  The most common adjustments to the principal of the estate are:  Improvement…

Q: In recording the transactions of an estate, when are liabilities recorded? When incurred. At the…

A: Identify the correct option out of the given statements:   Debt, taxes and other obligations are…

Q: What are the capital gains rules as applied to residential property owners?

A: To know the amount of capital gains on the residential property it is important to evaluate the…

Q: What is the proper methods of accounting for and administering an estate and the corresponding legal…

A: Estate planning: When a discussion arises on estate planning, accounting of the same means to…

Q: Briefly summarize the differences between principal and income transactions for estates and trusts.…

A: one important accounting concept is the differences between principal and income of estate or…

Q: Answer each of the following questions: What are the objectives of probate laws? What tasks does…

A: Probate laws:   After the death of decedent, in order to seek the problems of how his property…

Q: What are probate laws?

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Q: The payment of legacies by an estate must follow an order of priority that requires general legacies…

A: The payment of legacies by an estate need not follow an order of priority that requires general…

Q: What is the purpose of the process of abatement? How does the executor of an estate utilize this…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: How to calculate the inheritance amount?

A: Inheritance Tax is a tax on the all property, possessions and money of someone who has died. In the…

Q: What is Estate Tax?

A: An estate tax is a financial duty levy on estates whose value surpases an allowed limit set by law.…

Q: How important are taxes in the decision to sell a property?

A: Taxes: The compulsory financial charge or any other kind of levy that is forced on the payers of tax…

Q: What claims against an estate have priority?

A: Definition:   Priority claims of assets: When sufficient funds are not available then the order of…

Q: In an estate, which of the following is charged to income rather than to principal? Funeral…

A: In an estate, Charged to income means the expenses which can be deducted in the profit and loss…

Q: What deductions are allowed in computing estate income taxes?

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Q: What are the objectives of probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: In the initial accounting for an estate, why does the executor record only the assets?

A: Estate: Estate consists of the net worth of the individual. It includes all the land possession,…

Q: What is the purpose of the charge and discharge statement that the executor of an estate issues?

A: Charge and Discharge Statement: To show the progress of the settlement of the estate, the executor…

Q: If an asset of an estate has no readily ascertainable fair value, how should it be presented/valued…

A: All the assets of the estate are recorded at the fair market value and any other asset is found…

Q: income taxation of estates from the income taxation of trusts?

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Q: What are the differences between a devise, a legacy, and a bequest?

A: Will:   A will is a statement made in the lifetime of the person. In his or her will, a person…

Q: Define each of the following terms: Will Estate Intestate Probate laws Trust Inter vivos trust…

A: All of these terms related to estates and trusts Definitions: 1. Will: It is a legal written…

Q: What claims have priority to the distributions made by an estate?

A: Probate laws: After the death of decedent, in order to seek the problems of how his property should…

Q: Explain and account for the distinction between principal and income in the context of estate and…

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Q: What can be understood from Probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: Explain Estates Not Yet in Possession (Future Estates)

A: The net worth an individual which includes all of its land and real estate, financial securities,…

Q: Compare and contrast the basis of property acquired via purchase, conversion from personal use to…

A: Cost basis for personal assets converted to business assets:Cost basis refers to the unrealized cost…

Q: Why are claims against an estate put into an order of priority? Choose the correct.a. To help the…

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Q: What tasks does the executor of an estate perform?

A:

Q: What is the objective of the process of abatement? To give legal structure to the reductions that…

A:

Q: What court will be responsible to hear the case a lawsuit based on dispute of real estate an…

A: There is judiciary system for every type of issues faced by the common people. There is a particular…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.