FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Edgar Munti received the following during the year: House and lot from his father to take effect upon his fathers death of 1 million pesos,

Edgar Munti received the following during the year:

House and lot from his father to take effect upon his fathers death of 1 million pesos,  first prize for winning the tournament is 500 thousand pesos, dowry from his parents in law of 300,000 and birthday gifts from his friends of 100,000. How much of these amounts are subject two transfer taxes ?

Step by Step Solution

★★★★★

3.46 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

Transfer taxes vary depending on the specific laws and regulations in the jurisdiction where the transfers take place In the Philippines for example t... blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

Income Tax Fundamentals 2019

Income Tax Fundamentals 2019

Authors: Gerald E. Whittenburg, Steven Gill

37th Edition

1337703060, 1337673218, 9781337673211, 978-1337703062

More Books

Students also viewed these Accounting questions

Question

★★★★★
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Answered: 1 week ago

Question

★★★★★
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Answered: 1 week ago

Question

★★★★★
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★
The beam shown below is supported by a pin at A and a roller at B. The weight of the beam is 12 kN and a 15 kN force is applied 3 m to the right of A as shown. Determine the reaction forces at A and...

Answered: 1 week ago

Question

★★★★★
List the disclosures a company must make for its defined benefit pension plan in accordance with FASB Statement No. 132 and 132R.

Answered: 1 week ago

Question

★★★★★
Economics is concerned with a. the choices people must make because resources are scarce. b. human decision makers and the factors that influence their choices. c. the allocation of limited resources...

Answered: 1 week ago

Question

★★★★★
distinguish among various types of cognitive errors that can be made at work;

Answered: 1 week ago

Question

★★★★★
In June of 2014, Keith accepts a new job with the same employer in San Diego. He formerly commuted 12 miles to a job in Canton, OH; San Diego is 2,150 miles from his old home. He incurs the following...

Answered: 1 week ago

Question

★★★★★
Assignment Problems Solutions to Assignment Problems (APs) are available to instructors only. AP 12-1 (Corporate Taxable Income) The income statement that has been prepared by Margo Ltd's accountant...

Answered: 1 week ago

Question

★★★★★
Applied Manufacturing, Inc. (AM) is a custom metal fabrication corporation providing a wide range of goods and services to its customers. For decades, AM has been a parts manufacturer and supplier to...

Answered: 1 week ago

Question

★★★★★
Suppose that, in an attempt to combat severe inflation, the government decides to decrease the amount of money in circulation in the economy. This monetary policy action demand for goods and services...

Answered: 1 week ago

Question

★★★★★
For a set of 70 coin flips, we record 21 heads and 49 tails. 1) If p is the true probability of heads, what is our best estimate for p here? 2) What is our best estimate for the standard deviation

Answered: 1 week ago

Question

★★★★★
Question 1 Corinth Biotech Limited (CBL) started operations in January 2018. CBL reports under IFRS. The following activities occurred during the year: 1. On January 31, 2018, the shareholder, John...

Answered: 1 week ago

Question

★★★★★
Andreti Company has a single product called a Dak. The company normally produces and sells 86,000 Daks each year at a selling price of $56 per unit The company's unit costs at this level of activity...

Answered: 1 week ago

Question

★★★★★
Please slove fast and use Australian taxation law for reference Steve is an editor employed full time at a major Australian book publisher "WritePublishing". In his spare time, Steve enjoys writing...

Answered: 1 week ago

Question

★★★★★
What is the cerebrum?

Answered: 1 week ago

Question

★★★★★
i need help with it as soon as possible thank you ssignment 9 PM/ Remaining: 127 min. BACK CES Question 13 Tina Eddings is the controller of Mendez SLU. At December 31, the company's investments in...

Answered: 1 week ago

Question

★★★★★
Suppose that the laptop of Prob. 2.16 is placed in an insulating briefcase with a fully charged battery, but it does not go into sleep mode, and the battery discharges as if the laptop were in use....

Answered: 1 week ago

Question

★★★★★
Boyce Industries, a manufacturing corporation, has accumulated earnings of $325,000 and cannot show any reasonable need for the accumulated earnings. What is Boyces accumulated earnings tax? a....

Answered: 1 week ago

Question

★★★★★
In 2018, Tracy generates a $10,000 loss from an otherwise qualified business activity. Fortunately, she also works as an employee and has taxable income of $40,000. Tracys 2018 QBI deduction is a. $0...

Answered: 1 week ago

Question

★★★★★
Malin is a married taxpayer and has three dependent children. Malins employer offers health insurance for employees and Malin takes advantage of the benefit for her entire family (her spouses...

Answered: 1 week ago

Question

★★★★★
ChildCare Industries manufactures infant car seats that it sells to retailers for $155 each. The costs to manufacture each additional seat are $65, and the monthly fixed costs are $18,000. a. How...

Answered: 1 week ago

Question

★★★★★
Clone Computers assembles and packages personal computer systems from brand-name components. Its Home Office PC System is assembled from components costing $1400 per system and sells for $2000....

Answered: 1 week ago

Question

★★★★★
The Morgan Company produces two products, G and H, with the following characteristics: Total fixed costs for the year are expected to be $700,000. a. What will be the net income if the forecast sales...

Answered: 1 week ago

Previous Question Next Question