Cardo, a GSIS employee, died in a car accident. His heirs collected the following procedure of life

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Cardo, a GSIS employee, died in a car accident. His heirs collected the following procedure of life insurance policies:

AXA Life, revocable, designated to his wife Alyana - 500,000

Sunlife, irrevocable, designated to his son - 700,000

AON life insurance, revocable, designated to his estate - 300,000

PhilAm Life, irrevocable, designated to his administrator - 400,000

Accident Insurance – 500,0000

GSIS benefits - 150,000

a. Determine the Gross Estate of Mr. Yap: ________________

b. What are the non-taxable proceed of life insurance? ____________

Related Book For answer-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Posted Date: Nov 17, 2022 12:17 AM

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Cardo, a GSIS employee, died in a car accident. His heirs collected the following procedure of life

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Gross estate of Cardo Insurance policy on cardo Cash Value of insurance benefits of insurance in... View the full answer

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