ied leaving the following properties: Air BNB villa in Palawan, which is acquired before marriage, P8,000,000.00 Income from the Air BNB villa in Palawan, P200,000.00 Condominium in Manila, brought to marriage by wife, P4,000,000.00 Income from the condominium in Manila, P360,000.00 Town house in Legazpi City, acquired during the marriage, P12,000,000.00 Income from the town house in Legazpi City, P800,000.00 How much is the gross estate under Conjugal Partnership of Gains?

Q: Several years ago, sisters Jan and Jill, purchased an apartment complex and titled it as joint…

A: Gross estate refers to the term which is used for defining the total or aggregate dollar value of…

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: Pedro, single, donated the following properties on September 21: Values Property Donee 100,000…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

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: Manny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in…

A: The answer is stated below:

Q: June and Henry Martin, a married couple, purchased property jointly for $200,000 ten years before…

A: In this question, we have been given two values of the property and the married couple who bought…

Q: Bruce and June were married. At the time of Bruce's death, they owned the following: land as tenants…

A: Marital Deduction Allowed The marital deduction allows for a deduction from the adjusted gross…

Q: Required: Advise the real property gains tax implication to both parties, if any, of the gift of…

A: Capital gain: Capital gain can be defined as the gain arising out of the sale of fixed asset more…

Q: Castillo contributes P360,000 cash, land which she bought for P440,000, and a building that cost him…

A: Partnership is an agreement between two or more than two persons, in which they invest capitals, run…

Q: Considering he left a will, how much of the free portion is to be received by the church?

A: Article 163 of the Family Code of the Philippines states that children conceived or born during the…

Q: us organization and restricted to be used for program expenses of the latter. *Cash in…

A: Solution :  Calculation Of Gross Estate  of the decedent : Cash in Bank 1,000,000.00 Receivables…

Q: Juan, a resident citizen, sold the following capital assets in 2020: a. House and lot in Nasugbu,…

A: Tax is a charge which is levied on the taxable income and the profits which are earned through the…

Q: Juancho died leaving a hologram will. In the last will, he identified his wife, all his 3 legitimate…

A: Ans. P 12,00,000 Solution: Total distributable estate of Juancho= P 24,000,000 Wife inheritance as…

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

A: Net Estate Computation:   Communal (P) Exclusive (P) Total (P) Real property 5,000,000…

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: Juan dies and is survived by his wife, Marie. Under Juan’s will, all of his otherwise uncommitted…

A: Deduction Deduction means a reduction in taxable income. It reduces the taxable income which leads…

Q: 2. Jerson, married, 15 dependents, had the following income within and outside the Philippines:…

A: The Philippines taxes its resident citizens on their income from worldwide whereas the non- resident…

Q: How much is the gross estate if the property relationship is conjugal partnership of gains is

A: As per our protocol we provide solution to the one question only but as you have asked two multiple…

Q: Vlad died on October 20, 2018. During his lifetime, upon knowing that he had Stage 4 cancer, sold…

A: Given Information: Sales value of Lamborghini car    -   P4,000,000 Fair market value at the time of…

Q: Alex is a carpenter who purchased a vacant block of land in Sydney on 1 October 1980. On 1 September…

A: Profit on sale   totals on sale 1,400,000.00 less:cost of land (110,000.00) cost of…

Q: Juliet, a Filipina made the following donations. a. To Nick, a land worth P450,000 in Manila. b.…

A: The gift tax is a federal tax applied to an individual giving money or valuable items such as…

Q: Alisha, a resident citizen residing in Singapore during his lifetime, left the following properties:…

A: Includes immovable , movable ,personal,scrips,etc. but does not includes any debt.

Q: Monique, 61, created a custodial account and transferred $15,000 to the account for the benefit of…

A: Generation-Skipping Tax: The generation-skipping tax (GST), additionally alluded to as the…

Q: Ricardo was married at the time of death and was survived by his wife and their five legitimate…

A: The net taxable estate is:  Particulars Amount P Amount P Real and personal properties in the…

Q: In the year of her death, P owned a rental property – land (FMV $300,000; cost $230,000), building…

A: Taxable income is the income of a business that is liable to taxation. Different economies define…

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

A: Calculation of estate tax Particulars Amount (PHP) Community property   Real property…

Q: Don Sebastian, single but head of the family, Filipino, and resident of Pasig City, died intestate…

A: : All the properties and interest enumerated in the problem should be included in the gross estate…

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: The following data were taken from the records of a citizen decedent: Land inherited from his…

A: Estate Tax: When an individual transfers his/her property to the beneficiary person on his/her…

Q: Kelvin is a Malaysian who had acquired condominium for RM550,000 on 14th January 2010 and incurred…

A: Gifts Tax is the tax payable by the donor when a gift of more than the standard applicable limit of…

Q: Abby's home had a basis of $360,000 ($160,000 attributable to the land) and a fair market value of…

A: Given data, Abby's home had a basis of $360,000 ($160,000 attributable to the land) and a fair…

Q: Advise the real property gains tax implication to both parties, if any, of the gift of property from…

A: Capital gain is the amount of profit earned by the taxpayer or the business entity upon the sale or…

Q: Mrs. Dela Cruz owns a parcel of land worth P500,000 which she inherited from her father in 2003 when…

A: Here discuss about the calculation of taxable gain in the sale and exchange of the parcel and which…

Q: Frank is a widower. He has a $15.3 million estate consisting primarily of undeveloped real estate…

A: Life insurance policies are the ones that an individual buys to use the funds invested for his…

Q: Mr. Xasa. Filipino, marted last November 20, 2010, cied on Nov. 21, 2015, leaving the following…

A: Mr. Yaso who is a Filipino married last 20.11.2010 and died on 21.11.2015 Assets are Azucarera =…

Q: Nicanor is survived by the following: his legitimate parents, Mama Bear and Papa Bear, wife Inday,…

A: Tax is a charge which is levied on taxable income. Share by will is the portion of the property…

Q: Mrs. Dela Cruz owns a parcel of land worth P500,000 which she inherited 3 points from her father in…

A: Taxable gain refers to the profit which results from the sale of the asset which is subject to the…

Q: Ricardo  was married at the time of death and was survived by his wife and their five legitimate…

A: Distributable Estate Tax The calculation of the net distributable estate tax is to procedure for the…

Q: ral expenses and $1,500,000 of accounting and legal fees to settle the estate. Mr. Trebeck…

A: It is the percentage of our income collected by the government to fund its services and programs and…

Q: Ms. Virginia Habangbuhay, decedent, owned a property valued at P3,000,000 at the time of her death.…

A:

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: What is the value of her adjusted gross estate?

A: The adjusted gross estate is the net worth of the deceased person. The adjusted gross estate can be…

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: What is Ashley’s adjusted basis of the property?

A: Solution:- Adjusted basis of Property :- Adjusted basis refers to how much you lose or gain when you…

Q: Bill and Brittany's father, Stuart, died in January 2021. Under Stuart's will, Stuart gave Bill his…

A: When assets are sold within 2 years from the date of acquisition, it is termed as short term capital…