Nicanor has a house and lot which he acquired by virtue of donation from his parents ten years ago. The value at the time is Php 1 Million. When Nicanor was alive, the house and lot was mortgaged for Php 10,000,000 at ABC Bank. Nicanor had the property appraised in 2020 at Php 15,000,000.00. At the time of Nicanor's death, value of the lot as prescribed by the City assessor is at Php 2,000,000.00 while the house is at Php 3,000,000. The zonal value in the BIR website is Php 4,000,000.00. The value of the house and lot assuming Nicanor died in 2021 is? O Php 7,000,000 O Php 10,000,000 O Php 15,000,000 O Php 5,000,000 O Php 4,000,000
Nicanor has a house and lot which he acquired by virtue of donation from his parents ten years ago. The value at the time is Php 1 Million. When Nicanor was alive, the house and lot was mortgaged for Php 10,000,000 at ABC Bank. Nicanor had the property appraised in 2020 at Php 15,000,000.00. At the time of Nicanor's death, value of the lot as prescribed by the City assessor is at Php 2,000,000.00 while the house is at Php 3,000,000. The zonal value in the BIR website is Php 4,000,000.00. The value of the house and lot assuming Nicanor died in 2021 is? O Php 7,000,000 O Php 10,000,000 O Php 15,000,000 O Php 5,000,000 O Php 4,000,000
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 3CPA: Chad owned an office building that was destroyed in a tornado. The area was declared a Federal...
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Transcribed Image Text:Nicanor has a house and lot which he acquired by virtue of donation
from his parents ten years ago. The value at the time is Php 1 Million.
When Nicanor was alive, the house and lot was mortgaged for Php
10,000,000 at ABC Bank. Nicanor had the property appraised in
2020 at Php 15,000,000.00. At the time of Nicanor's death, value of
the lot as prescribed by the City assessor is at Php 2,000,000.00
while the house is at Php 3,000,000. The zonal value in the BIR
website is Php 4,000,000.00. The value of the house and lot
assuming Nicanor died in 2021 is?
O Php 7,000,000
O Php 10,000,000
O Php 15,000,000
O Php 5,000,000
O Php 4,000,000
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