Mr. Y, an American, single and residing in USA, died leaving the following:? ? (Item 17-18) Mr.
Fantastic news! We've Found the answer you've been seeking!
Question:
Mr. Y, an American, single and residing in USA, died leaving the following:?
Transcribed Image Text:
(Item 17-18) Mr. Y, an American, single and residing in USA, died leaving the following: Land in Makati Land in Manila Gross estate, USA Deductions claimed by the estate: Actual funeral expense Judicial expenses Claims against the estate Transfer of land in Makati to the Philippine government (in decedent's will) 20,000,000 30,000,000 50,000,000 2,000,000 1,000,000 1,200,000 20,000,000 The land in Manila when inherited 3 ½ years ago had a value of P2,400,000 with a mortgage thereon of P400,000 which was paid prior to Mr. Y's death. The land in Makati when inherited 4 ½ years ago has a value of P1,500,000. (Item 17-18) Mr. Y, an American, single and residing in USA, died leaving the following: Land in Makati Land in Manila Gross estate, USA Deductions claimed by the estate: Actual funeral expense Judicial expenses Claims against the estate Transfer of land in Makati to the Philippine government (in decedent's will) 20,000,000 30,000,000 50,000,000 2,000,000 1,000,000 1,200,000 20,000,000 The land in Manila when inherited 3 ½ years ago had a value of P2,400,000 with a mortgage thereon of P400,000 which was paid prior to Mr. Y's death. The land in Makati when inherited 4 ½ years ago has a value of P1,500,000.
Expert Answer:
Answer rating: 100% (QA)
For nonresidents noncitizens of the Philippines which is the case of Mr Y the net esta... View the full answer
Related Book For
Managerial Economics
ISBN: 978-0133020267
7th edition
Authors: Paul Keat, Philip K Young, Steve Erfle
Posted Date:
Students also viewed these accounting questions
-
Mr X and Mr Y are two traders and they argued together, which law is applied here Which court will they go to What process of court will they follow What is the role of the highest court of this...
-
An article that appeared in USA Today (Septem ber 3, 2003) included a graph similar to the one shown here summarizing responses from polls conducted in 1978, 1991, and 2003 in which a sample of...
-
An article that appeared in USA Today ( September 3, 2003) included a graph similar to the one shown here summarizing responses from polls conducted in 1978, 1991, and 2003, in which samples of...
-
An investor has $60,000 to invest in a $280,000 property. He can obtain either a $220,000 loan at 9.5 percent for 20 years or a $180,000 loan at 9 percent for 20 years and a second mortgage for...
-
Calculate the 20th, 40th, and 70th percentiles for the following dataset: 300 -257 | -325 | -234 | -297 |-362 | -255
-
1) How well is the Cartwright Lumber Company doing from an operational standpoint? Please use as many efficiency and profitability ratios as possible. 2) Why does Mr. Cartwright have to borrow money...
-
Hudson Company's trial balance as of January 1. the beginning of its fiscal year, is given below: Hudson Company is a manufacturer that uses a job-order costing system. During the year, the following...
-
American Greetings Corporation manufactures and sells greeting cards and related items such as gift wrapping paper. CSX Corporation is one of the largest railway networks in the nation. The following...
-
ANNUAL FINANCIAL STATEMENTS, 31/12/2021 OMAN CABLES INDSTR Actuals/Omani Rial/Audited Standalone 01/01/2020- 31/12/2020 Consolidated Standalone Consolidated Income Statement-Function of expense...
-
Draw a decision tree for the problem of deciding whether to move forward at a road intersection, given that the light has just turned green.
-
All techniques with NPV profile-Mutually exclusive projects Projects A and B, of equal risk, are alternatives for expanding Rosa Company's capacity. The firm's cost of capital is 16%. The cash flows...
-
2x Prove that tanx = sin [2]=cos [17] = tan [2x]
-
You will measure speed of a toy car having a constant velocity from a position and time?graph.?Apparatus: Toy car, meter stick, paper towel, graph paper, masking tape?Background Theory:Motion of an...
-
The circuit below consists of gates in which each INV/NOT has a delay of 3 ns. The OR and AND gates have 5 ns delays. Given an initial condition of A=0, B=1, C=0, and D=0, complete a timing diagram...
-
3. Prepare an unadjusted trial balance as of August 31, 2017. List all accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. If an amount box does not require an...
-
Units Required: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Total Sales Units Sold at Retail Selling price per Cost...
-
C-Statement of Financial Position as at 31 December-2018 Question 2 - Ratio interpretation Gold Lad and Bone Lad are both engaged in retailing, but they seem to take a different approach to it...
-
a. Why does the Wi-Fi Alliance release compatibility testing profiles in waves instead of combining the entire standards features initially? 27a1.) An 802.11ac Wi-Fi compatibility testing profile...
-
What are the main characteristics of a perfectly competitive market that cause buyers and sellers to be price takers? Explain.
-
Why might demand be upward sloping in used car markets?
-
Define returns to scale. Why is this considered a long-run phenomenon?
-
What problems can result from the use of tight standards?
-
How is a cost center different from either an investment or a profit center?
-
How is standard labor time determined? Explain the two ways.
Study smarter with the SolutionInn App