Family Home Mr. Almeda, unmarried, left a house and lot to his parents, which he shared...

Transcribed Image Text:

Family Home Mr. Almeda, unmarried, left a house and lot to his parents, which he shared with them while still alive. He acquired the property for P7,500,000. The property qualifies as family home. 35. If at the time of Mr. Almeda's death, the property has a fair market value of P15M, the amount that should properly be included as part of gross estate is a. P15M b. P10M 36. The deduction that may be claimed is a. P15M b. P10M c. P8.5M c. P8.5M d. P7.5M d. P7.5M 37. If at the time of Mr. Almeda's death, the property has a fair market value of P10M, the amount that should properly be included as part of gross estate is a. P15M b. P10M 38. The deduction that may be claimed is a. P15M b. P10M c. P8.5M c. P8.5M d. P7,5M d. P7.5M 39. If at the time of Mr. Almeda's death, the property has a fair market value of P8.5M, the amount that should properly be included as part of gross estate is a. P15M b. P10M c. P8.5M d. P7.5M 40. The deduction that may be claimed is a. P15M b. P10M c. P8.5M d. P7.5M Standard Deduction Mr. Almeda, Filipino and head of a family, died leaving the following property: House and lot in Sampaloc, Manila (family home) Honda Accord Fish pond in Pampanga Time deposit at Coco Bank P10,750,000 812,500 2,625,000 1,875,000 The following are being claimed by his executor as deductions: Actual funeral expenses P 312,500 Judicial expenses 37,500 Unpaid Mortgage 250,000 Casualty Losses 175,000 Claims against the estate 287,500 Family home 10,750,000 41. The deduction for family home shall be a. PO b. P5M 42. The total deduction to be claimed is C. P10 d. P10.75M a. P6,462,500 b. P10,712,500 C. P11,462,500 d. P15,712,500 43. The gross estate is a. P5,312,500 b. P6,062,500 C. P15,312,500 d. P16,062,500 44. The standard deduction is a. PO b. P500,000 c. P5M d. P10 Benefits Under R.A. 4917 Mr. Almeda has one year left to complete fifteen years of continuous service with his employer. Unfortunately, he met a fatal vehicular accident. His only heir received P550,000 as benefit under R.A. 4917. 45. The amount that must be included as part of gross estate is a. P550,000 b. P500,000 c. P200,000 d. PO 46. The amount that must be included as part of deduction from gross estate is a. P550,000 b. P500,000 c. P200,000 d. PO Family Home Mr. Almeda, unmarried, left a house and lot to his parents, which he shared with them while still alive. He acquired the property for P7,500,000. The property qualifies as family home. 35. If at the time of Mr. Almeda's death, the property has a fair market value of P15M, the amount that should properly be included as part of gross estate is a. P15M b. P10M 36. The deduction that may be claimed is a. P15M b. P10M c. P8.5M c. P8.5M d. P7.5M d. P7.5M 37. If at the time of Mr. Almeda's death, the property has a fair market value of P10M, the amount that should properly be included as part of gross estate is a. P15M b. P10M 38. The deduction that may be claimed is a. P15M b. P10M c. P8.5M c. P8.5M d. P7,5M d. P7.5M 39. If at the time of Mr. Almeda's death, the property has a fair market value of P8.5M, the amount that should properly be included as part of gross estate is a. P15M b. P10M c. P8.5M d. P7.5M 40. The deduction that may be claimed is a. P15M b. P10M c. P8.5M d. P7.5M Standard Deduction Mr. Almeda, Filipino and head of a family, died leaving the following property: House and lot in Sampaloc, Manila (family home) Honda Accord Fish pond in Pampanga Time deposit at Coco Bank P10,750,000 812,500 2,625,000 1,875,000 The following are being claimed by his executor as deductions: Actual funeral expenses P 312,500 Judicial expenses 37,500 Unpaid Mortgage 250,000 Casualty Losses 175,000 Claims against the estate 287,500 Family home 10,750,000 41. The deduction for family home shall be a. PO b. P5M 42. The total deduction to be claimed is C. P10 d. P10.75M a. P6,462,500 b. P10,712,500 C. P11,462,500 d. P15,712,500 43. The gross estate is a. P5,312,500 b. P6,062,500 C. P15,312,500 d. P16,062,500 44. The standard deduction is a. PO b. P500,000 c. P5M d. P10 Benefits Under R.A. 4917 Mr. Almeda has one year left to complete fifteen years of continuous service with his employer. Unfortunately, he met a fatal vehicular accident. His only heir received P550,000 as benefit under R.A. 4917. 45. The amount that must be included as part of gross estate is a. P550,000 b. P500,000 c. P200,000 d. PO 46. The amount that must be included as part of deduction from gross estate is a. P550,000 b. P500,000 c. P200,000 d. PO