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?
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?
Chapter28: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 27P
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Question
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?
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