Compute the taxable net estate. Mr. Kha Thay, Filipino died on February 7, 2017 leaving the...
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Compute the taxable net estate. Mr. Kha Thay, Filipino died on February 7, 2017 leaving the following properties: Cash, P200,000 represents SSS benefits Shares of stocks, Mr. Kha Thay is a trustee Cars House and lot (used as family home) The estate executor determined the following deductions from the estate: a. Funeral expense P b. Judicial expense C. Medical expense d. Claims against the estate e. Claims against insolvent person f. Commercial lot, in decedent's will to be given to the government P 1,200,000 1,800,000 1,200,000 2,500,000 The administrator also noted the following transfers of properties inter-vivos: a. Transfer of property worth P500,000 to his cousin Ban Thay subject to the condition that the same shall be revoked if he do not pass the CPA Board Exam in 2017. Ban Thay passed the Board Exam in October 11, 2017. Required: 1. Compute the taxable net estate. 220,000 120,000 450,000 400,000 200,000 1,000,000 b. Transferred the following in contemplation of death: February 2, 2017, a piece of land worth P2,000,000. The transferee paid P500,000 on February 2, 2017. March 1, 2015, an agricultural land currently valued at P2,500,000. The land had a value of P1,500,000 in 2015 and the transferee paid P1,200,000. Compute the taxable net estate. Mr. Kha Thay, Filipino died on February 7, 2017 leaving the following properties: Cash, P200,000 represents SSS benefits Shares of stocks, Mr. Kha Thay is a trustee Cars House and lot (used as family home) The estate executor determined the following deductions from the estate: a. Funeral expense P b. Judicial expense C. Medical expense d. Claims against the estate e. Claims against insolvent person f. Commercial lot, in decedent's will to be given to the government P 1,200,000 1,800,000 1,200,000 2,500,000 The administrator also noted the following transfers of properties inter-vivos: a. Transfer of property worth P500,000 to his cousin Ban Thay subject to the condition that the same shall be revoked if he do not pass the CPA Board Exam in 2017. Ban Thay passed the Board Exam in October 11, 2017. Required: 1. Compute the taxable net estate. 220,000 120,000 450,000 400,000 200,000 1,000,000 b. Transferred the following in contemplation of death: February 2, 2017, a piece of land worth P2,000,000. The transferee paid P500,000 on February 2, 2017. March 1, 2015, an agricultural land currently valued at P2,500,000. The land had a value of P1,500,000 in 2015 and the transferee paid P1,200,000.
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1 Gross Estate Cash SSS benefits P200000 Shares of stocks P1800000 Cars P1200000 House and lot famil... View the full answer
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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