What is the proper methods of accounting for and administering an estate and the corresponding legal terminology?

Q: When recording the inventory of an estate, the assets of the estate are recorded net of the…

A: Inventory is regarded as the items that are kept in a business that are used for sales or the…

Q: What assets are normally included as estate properties?

A: Probate laws: After the death of a decedent, in order to seek the problems of how his property…

Q: At what value are the assets within an estate reported?

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: give an example of a situation where someone has loaned an item of personal property to someone,…

A: Loans are the common ways of borrowing a sum of money from individuals or from financial…

Q: Define and provide an example for each of the following: Real property Personal property Tangible…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Required: Determine the net taxable estate and the estate tax due.

A: Mr Lago A Philippines resident died on 30th Nov., 2020. We are given a list of the properties owned…

Q: Which of the following are characteristics of the probate process? It provides for distribution of…

A: Probate is a legal procedure to ensure that any person's assets should be distributed as per his…

Q: liquidate t

A: At the time of liquidation we have used Realisation account to show the surplus of deficit. We need…

Q: In accounting for an estate or trust, how is the distinction between principal and income…

A: In accounting for an estate or trust, principal means the property or assets which have been…

Q: 5. Income received by the estate during the period of administration or settlement of the estate,…

A: As per the Tax code of the Philippines, Chapter X (Estates and trusts), the tax imposed by this…

Q: What do the financial statements of the acquirer include?

A: In consolidation or merger or acquisition there is an acquirer and an acquiree The acquire purchases…

Q: What transactions are normally viewed as changes in the principal of an estate? What transactions…

A: Change in Principal:  The most common adjustments to the principal of the estate are:  Improvement…

Q: In recording the transactions of an estate, when are liabilities recorded? When incurred. At the…

A: Identify the correct option out of the given statements:   Debt, taxes and other obligations are…

Q: How can the Gains and Losses on Depreciable Assets be determined?

A: For calculation of gains or losses on depreciable assets, written down value of the assets at the…

Q: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: What are probate laws?

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Q: The payment of legacies by an estate must follow an order of priority that requires general legacies…

A: The payment of legacies by an estate need not follow an order of priority that requires general…

Q: How does an executor discover the claims against an estate?

A: A claim is an assert in a case with or without providing evidence or proof.

Q: What is the purpose of the process of abatement? How does the executor of an estate utilize this…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: How to calculate the inheritance amount?

A: Inheritance Tax is a tax on the all property, possessions and money of someone who has died. In the…

Q: How important are taxes in the decision to sell a property?

A: Taxes: The compulsory financial charge or any other kind of levy that is forced on the payers of tax…

Q: In an estate, which of the following is charged to income rather than to principal? Funeral…

A: In an estate, Charged to income means the expenses which can be deducted in the profit and loss…

Q: What are the deductibility of real property taxes

A: Property taxes and real property taxes are interchangeable terms. They are levied on the majority of…

Q: What are the best steps in a taxation law assignment to step through residency and source, and also…

A: To determine the tax income of an individual is o the basis of whether the individual in the status…

Q: Please discuss the deductibility of real property taxes.

A: Local governments and municipal corporations collect property taxes annually from landowners.

Q: Describe the financial statements and journal entries utilized to account for estate and trust…

A:

Q: What are the objectives of probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: In the initial accounting for an estate, why does the executor record only the assets?

A: Estate: Estate consists of the net worth of the individual. It includes all the land possession,…

Q: How much must be received by the creditors, respectively

A: In the event of bankruptcy, creditors are paid in a proper order prescribed. First secured creditors…

Q: Are deeds the only acceptable way to legally transfers a property? Why or not?

A: The deed is legal document that is valid and is paid value and legally binding documents.

Q: Other than financial considerations, why should individuals consider preparing a valid will?

A: Valid will: This must comply with the legal requirements that are to be considered as a valid will…

Q: If a person dies without leaving a valid will, how is the distribution of property regulated?

A: Definition:   Intestate: When a decedent dies without any valid will then this situation is called…

Q: If an asset of an estate has no readily ascertainable fair value, how should it be presented/valued…

A: All the assets of the estate are recorded at the fair market value and any other asset is found…

Q: income taxation of estates from the income taxation of trusts?

A:

Q: What are the differences between a devise, a legacy, and a bequest?

A: Will:   A will is a statement made in the lifetime of the person. In his or her will, a person…

Q: The basis for determining gain or loss from sale of disposition of property is the fair market price…

A: The basis for any property which is inherited from any decedent who died during current tax year is…

Q: Which of the following is correct? The gain basis for property received by gift is the lesser of…

A: The tax basis of inherited or gifted property: Various tax rules are given under Federal tax in…

Q: What claims have priority to the distributions made by an estate?

A: Probate laws: After the death of decedent, in order to seek the problems of how his property should…

Q: Explain and account for the distinction between principal and income in the context of estate and…

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Q: What can be understood from Probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: Compare and contrast the basis of property acquired via purchase, conversion from personal use to…

A: Cost basis for personal assets converted to business assets:Cost basis refers to the unrealized cost…

Q: In recording the transactions of an estate, when are liabilities recorded? Choose the correct.a.…

A: Contingent liability: This is an uncertain obligation which might be incurred on a future date as a…

Q: Determine the amount of recognized gain or loss. Explain whether the gain or loss is capital or…

A: Recognized Gain/loss on asset  = 325,000+196,000-605,000-27,000+315,000 = 204,000

Q: Why are claims against an estate put into an order of priority? Choose the correct.a. To help the…

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Q: What tasks does the executor of an estate perform?

A:

Q: What court will be responsible to hear the case a lawsuit based on dispute of real estate an…

A: There is judiciary system for every type of issues faced by the common people. There is a particular…