Nicanor left the following bank deposits upon his death: - Uno Bank- 1,000,000 - Dos Bank- 2,000,000 - Tri Bank- 3,000,000 How much is the final tax required to be witheld by the bank assuming the heirs will opt for final tax

Q: Cardo received the following items during the year: P200,000 donation from a girlfriend; P100,000…

A: Answer:-  Taxable income meaning:- The part of total income used to compute how much tax someone owe…

Q: Liz left the following bank deposits upon his death  A bank - 1000000 B bank - 2000000 c bank…

A: Final Withholding tax: Final Withholding Tax is a kind of withholding tax on certain income payments…

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Q: How much is the estate tax?

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A:

Q: The following unmarried individuals died in 2016. The estate of John Lexington has a taxable value…

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A: Please find the answer to the above question below:

Q: Jones is seriously ill and has $6 million of property that he wants to leave to his four children.…

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Q: On January 12, 2022, Rica purchased a P2,000,000.00 life insurance policy for P200,000.00. During…

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Q: Leona sold California real estate for $632,000 and she does not meet any of the exceptions for…

A: Withholding rate is 3 1/3 % of total sale price. So the withholding tax = 632000* 0.03333% = $ 21046

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A: Estate is defined as the value of property or assets owned by a person who has died. Estate tax has…

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A: For taxation purpose, sale proceeds shall be considered as fair market value Taxable amount = Fair…

Q: A resident citizen died leaving a cash in bank in local domestic bank with face value of P1,000,000…

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Q: n 2020, Bongbong Jr. created two (2) trusts for his minor son, Chiz. During the year, the two trusts…

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Q: How much is the total donor's tax due of Spouses Oredan?

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A: As you asked multiple questions,but as per our company policy we are giving answer to first question…

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Q: Mr. and Mrs. Pi gave the following gifts of conjugal property on July 15, 2021. To Barangay Delm, a…

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Q: Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of…

A: Please find the answer to the above question below:

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

A: Taxable estate = Gross estate - deduction Gross estate includes all property, real or personal,…

Q: Right before his death from a terminal illness, Shing makes a gift of $890,000 cash that he had…

A: The concepts are related to this question 1. it has utilized his Lifetime Exemption available. 2. $…

Q: of $4,000,000

A: Gift rupees= $4,000,000.

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A: Tax: A compulsory fee charge by the government either state government or central government is…

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

A: Estate tax: Estates with a net value of PHP5 million and below is  exempted from paying the estate…

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A: The question is multiple choice question.The is related to withdrawal of annuties.  Required How is…

Q: In 2006, Douglas purchased an office building for $500,000 to be used in his business.  He sells the…

A:

Q: ovanni established an irrevocable life insurance trust in 2014 and funded it with a $1 million face…

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Q: Dave has $30,000,000 in assets and is 63 years old. He is married to Olivia. They have never made…

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Q: conjugal property

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A: When a capital asset is sold, the phrase capital gain refers to the rise in its value. Simply put, a…

Q: How much of the above amounts is Frank entitled to deduct?

A: Tax: Tax is a percentage of income of individual or a company which is collected by the government…

Q: Nicanor left the following bank deposits upon his death: Uno Bank – Php 1,000,000 Dos Bank – Php…

A: Answer: In case of any tangible or intangible asset that is acquired by heirs, the amount is added…

Q: Allan left the following bank deposits upon his death: - A bank- 1,000,000 - B bank- 2,000,000 -…

A: Gross estate is the actual property value. If a person has died then the gross estate is equal to…

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A: Life insurance appears to be an agreement between the owner of an insurance plan as well as an…

Q: Kirsy , a single taxpayer, has taxable income of $40,000 and is in the 12% tax bracket. During 2021,…

A: Correct option is D i.e 12% × 23,000   Explanation:

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A: Under section 2513, the compliance and tax regulation related to gift tax and estate tax is given.…

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A: Introduction:- A person who owns stocks in any corporation termed as shareholder. Shares or stocks…

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A: a. The amount of life insurance proceeds shall be included in the deceased gross estate if the…