Ms. B, spouse of the decedent who died in a bus accident, received P2,500,000 broken down as follows: P900,000 From a life insurance taken out by the decedent designating his wife as revocable beneficiary P1,200,000 From an insurance company taken out by the decedent designating his wife as irrevocable beneficiary P400,000 From the owner of the bus involved in the accident where settlement was made outside court proceedings The total amount excluded from gross estate is?
Ms. B, spouse of the decedent who died in a bus accident, received P2,500,000 broken down as follows: P900,000 From a life insurance taken out by the decedent designating his wife as revocable beneficiary P1,200,000 From an insurance company taken out by the decedent designating his wife as irrevocable beneficiary P400,000 From the owner of the bus involved in the accident where settlement was made outside court proceedings The total amount excluded from gross estate is?
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 22CE
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Question
Ms. B, spouse of the decedent who died in a bus accident, received P2,500,000 broken down as follows:
P900,000 From a life insurance taken out by the decedent designating his wife as revocable beneficiary
P1,200,000 From an insurance company taken out by the decedent designating his wife as irrevocable beneficiary
P400,000
From the owner of the bus involved in the accident where settlement was made outside court proceedings
The total amount excluded from gross estate is?
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