Mr. Milk died June 30,2020. His estate went judicial settlement. The following are the inventory of his
Question:
Mr. Milk died June 30,2020. His estate went judicial settlement. The following are the inventory of his estate and other information about his earnings in 2020:
Compensation income from employment before he was hospitalized P495,000.00
Income tax withheld from compensation 32,000.00
Revenue of his farm, rented by Bounty at P110,000 per month, net of creditable withholding tax of P66,000.
Expenses related to ownership of the farm 80,000.00
Question:
1. Income tax due and payable from the income of Mr. Milk with respect to his income during the taxable year prior to his death( regular)?
2. Income tax due and payable from the estate?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill