When is the deadline of the filing of estate tax return if the decedent died on February 28, 2021? Group of answer choices August 28, 2021 February 27, 2022 March 1, 2022 February 28, 2022
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When is the deadline of the filing of estate tax return if the decedent died on February 28, 2021?
Group of answer choices
August 28, 2021
February 27, 2022
March 1, 2022
February 28, 2022
Step by step
Solved in 2 steps
- When is the filing deadline for an individual taxpayer who has no partnership or sole proprietor business income to file in 2021? Question 16 options: a) June 30, 2022 b) December 30, 2021 c) February 28, 2022 d) April 30, 2022Camila timely filed her 2020 tax return on April 15, 2021. Under ordinary circumstances, what is the last day she can file an amended tax return? April 15, 2023; October 15, 2023; April 18, 2024; October 15, 20243. Mr. So filed his 2022 income tax return on June 30, 2023. The BIR discovered a deficiency income tax on August 15, 2024. When should the deficiency tax assessment be served? a. On or before August 15, 2027 b. On April 15, 202 c. On or before June 30, 2026 d. On or before April 15, 2026
- 24. In 2020, Katrina filed her 2019 Form 1040. She mailed her extension on March 15 certified mail. The return receipt shows the IRS received it April 14. She mailed her return on October 1 certified mail. The return receipt shows the IRS received it October 21. Assume she filed a valid and true return. When was Katrina’s return filed? Select one: a. April 14 b. April 15 c. October 1 d. October 15 e. October 2164 Assuming Nicanor died on May 22, 2020 and his estate applied for installment payment which is approved by the BIR, the maximum period which the payment of estate can be made is? Group of answer choices May 22, 2022 May 22, 2021 May 22, 2024 May 22, 2023Question 16 In 2020, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len: a. Adjusted gross income b. Standard deduction c. Taxable income d. Tax liability e. Explain the tax treatment of the loss from the stock sale
- Question 13 Which answer is closest to the Estate tax exemption and top tax rate as of December 31, 2020? Answers: $10M, 45% $11.5M, 40% $12.5M, 30% $5M, 35%An investor earns $138639 in the 2021/22 tax year. She purchases shares worth $4251 on 15 April 2021 and sold them for $10956 on 10 March 2022. What is her income tax payable, including capital gains tax, but excluding the 2% Medicare surcharge? a. $37604 b. $37844 c. $38844 d. $36604B15. Mrs. Emily Robinson just celebrated her 72nd birthday on October 1, 2022. Her qualified plan had a balance of 984,589 on December 31, 2020. She takes her first distribution of 35,000 from the qualified plan on April 1, 2022. Determine how much she will owe in the minimum distribution tax penalty associated with her first year’s distribution.
- 1. A taxpayer forgot to file and pay his annual income tax return for the year 2019. He only recalled it when he received a notice of assessment from the BIR on June 15, 2020 obliging him to pay on June 30, 2020. He filed it only on August 15, 2020. In computing the interest, when should he start counting the number of days of delinquency? A. December 31, 2019 B. April 15, 2020 C. June 15, 2020 D. June 30, 2020 2. X died leaving his surviving spouse, legitimate child, recognized illegitimate child, and parents. Who inherits from X? a. Surviving spouse and legitimate child only b. Surviving spouse, legitimate child, and parents c. Surviving spouse, legitimate child, and recognized illegitimate child d. Legitimate child only 3. In donor’s taxation, which is not considered in determining the taxability of donation? A. Tax classification of the donor B. Location of the property C. Relationship of the donee to the donor D.…Norman Foster filed his 2021 income tax return as was required on June 15, 2022. His Notice of Assessment dated August 28, 2022, indicated that his 2021 income tax return was accepted as filed. On March 15, 2023, he receives a Notice of Reassessment dated March 8, 2023 indicating that he owes additional income tax, as well as interest on the unpaid amounts. What is the latest date for filing a notice of objection for this reassessment? Explain your answer.A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January 15, 2022. The tax due per his return is P100,000. What is his total interest penalty?
