Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

ASAP. Please show solution Question 18 3 pts Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take

ASAP. Please show solution
image text in transcribed
image text in transcribed
Question 18 3 pts Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021. Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land - Php 3,000,000 o Assessed value of house - Php 5,000,000 Appraiser's value - Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price - Php 900 o Closing price - Php 1,200 o Lowest Quote - Php 800 Highest Quote - Php 1,500 o Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: o Assets - Php 10,000,000 Liabilities - Php 4,000,000 . Outstanding shares of stocks - 10,000 - Par value Php 100.00 per share Jewelry of Inday (wife) - Value at time of purchase - Php 1,000,000 Note: Value at time of death of Nicanor - Php 2,000,000 Cash: o Cash on Hand (vault) - Php. 1,000,000 Time deposits in Squid Bank - Php 4,000,000 Savings deposits in Ulan Bank - Php 5,000,000 Motor vehicles: o Brand new car - Php 5,000,000 . 70's Vintage Cardonated by his mother Value in market at time of death - Php 5,000,000 Acquisition Cost - Php 4,000,000 Cost of repairs/remodeling - Php 3,000,000 . Other information: Conjugal Expenses - Funeral expense - Php 500,000 Accountant's fees - Php 4,000 Lawyer's fees - Php 500,000 Unpaid Medical expenses - Php 1,000,000 How much is the total allowable deduction? Question 18 3 pts Nicanor met Inday in 2000. They married the following year. By 2005, Inday stayed home to take care of their two children. In 2021. Nicanor died. Inday provided the following list of properties acquired during their marriage so you can help them file the return and pay the corresponding estate tax if any: PROPERTIES Family home: Zonal value of land - Php 5,000,000 Assessed value of land - Php 3,000,000 o Assessed value of house - Php 5,000,000 Appraiser's value - Php 20,000,000 1,000 Shares in ABC Corp. a listed company: Opening price - Php 900 o Closing price - Php 1,200 o Lowest Quote - Php 800 Highest Quote - Php 1,500 o Average Value - Php 1,000 2,500 Shares in XYZ Corp. an unlisted company inherited by Nicanor from his father: Audited Financial Statements of XYZ Corp. disclosed the following: o Assets - Php 10,000,000 Liabilities - Php 4,000,000 . Outstanding shares of stocks - 10,000 - Par value Php 100.00 per share Jewelry of Inday (wife) - Value at time of purchase - Php 1,000,000 Note: Value at time of death of Nicanor - Php 2,000,000 Cash: o Cash on Hand (vault) - Php. 1,000,000 Time deposits in Squid Bank - Php 4,000,000 Savings deposits in Ulan Bank - Php 5,000,000 Motor vehicles: o Brand new car - Php 5,000,000 . 70's Vintage Cardonated by his mother Value in market at time of death - Php 5,000,000 Acquisition Cost - Php 4,000,000 Cost of repairs/remodeling - Php 3,000,000 . Other information: Conjugal Expenses - Funeral expense - Php 500,000 Accountant's fees - Php 4,000 Lawyer's fees - Php 500,000 Unpaid Medical expenses - Php 1,000,000 How much is the total allowable deduction

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Valuation The Art and Science of Corporate Investment Decisions

Authors: Sheridan Titman, John D. Martin

3rd edition

978-0133479522

Students also viewed these Accounting questions