Vlad died on October 20, 2018. During his lifetime, upon knowing that he had Stage 4 cancer, sold his Lamborghini car to his son for P4,000,000. The fair market value of the car at the time of sale is P3,000,000 while it is already valued at P5,000,000 at the time of death. a. The amount that will be added to gross estate is:____________ b. Based on the preceding number, if the consideration is fictitious, how much will form part of gross estate? _________________
Vlad died on October 20, 2018. During his lifetime, upon knowing that he had Stage 4 cancer, sold his Lamborghini car to his son for P4,000,000. The fair market value of the car at the time of sale is P3,000,000 while it is already valued at P5,000,000 at the time of death. a. The amount that will be added to gross estate is:____________ b. Based on the preceding number, if the consideration is fictitious, how much will form part of gross estate? _________________
Chapter18: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 30CE
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Vlad died on October 20, 2018. During his lifetime, upon knowing that he had Stage 4 cancer, sold his Lamborghini car to his son for P4,000,000. The fair market value
of the car at the time of sale is P3,000,000 while it is already valued at P5,000,000 at the time of death.
a. The amount that will be added to gross estate is:____________
b. Based on the preceding number, if the consideration is fictitious, how much will
form part of gross estate? _________________
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