How much is the vanishing deduction applicable to the house and lot? * Mr. A a...
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How much is the vanishing deduction applicable to the house and lot? * Mr. A a resident citizen, single and head of the family died on December 2019 leaving the following properties: FV AT THE TIME OF INHERITANCE P 12, 000, 000 P 10, 000, 000 FV AT THE TIME OF DEATH 2,000,000 4,000,000 PROPERTIES House and Lot- Family home (inherited from his father who died on July 2017) Fortuner (inherited from his mother who died May of 2015) Other Information: .../5 A. Other properties amounts to P 16,000,000. B. The car was mortgaed for P 250, 000 when it was acquired and Mr. A paid the same. C. The other deductions totaled P 1, 700, 000 excluding standard deductions. How much is the vanishing deduction applicable to the car? * Mr. A a resident citizen, single and head of the family died on December 2019 leaving the following properties: FV AT THE TIME OF DEATH P 12, 000, 000 P 10,000,000 2,000,000 4,000,000 FV AT THE TIME OF INHERITANCE PROPERTIES House and Lot- Family home (inherited from his father who died on July 2017) Fortuner (inherited from his mother who died May of 2015) Other Information: .../5 A. Other properties amounts to P 16,000,000. B. The car was mortgaed for P 250, 000 when it was acquired and Mr. A paid the same. |C. The other deductions totaled P 1, 700, 000 excluding standard deductions. How much is the total deductions from the gross estate? Mr. A a resident citizen, single and head of the family died on December 2019 leaving the following properties: FV AT THE TIME OF DEATH P 12, 000, 000 P 10,000,000 2,000,000 4,000,000 PROPERTIES House and Lot- Family home (inherited from his father who died on July 2017) Fortuner (inherited from his mother who died May of 2015) Other Information: .../5 A. Other properties amounts to P 16,000,000. B. The car was mortgaed for P 250, 000 when it was acquired and Mr. A paid the same. C. The other deductions totaled P 1, 700, 000 excluding standard deductions. FV AT THE TIME OF INHERITANCE How much is the estate tax due/payable? * Mr. A a resident citizen, single and head of the family died on December 2019 leaving the following properties: FV AT THE TIME OF DEATH P 12, 000, 000 P 10,000,000 2,000,000 4,000,000 PROPERTIES House and Lot- Family home (inherited from his father who died on July 2017) Fortuner (inherited from his mother who died May of 2015) Other Information: .../5 A. Other properties amounts to P 16, 000, 000. B. The car was mortgaed for P 250, 000 when it was acquired and Mr. A paid the same. C. The other deductions totaled P 1, 700, 000 excluding standard deductions. FV AT THE TIME OF INHERITANCE How much is the vanishing deduction applicable to the house and lot? * Mr. A a resident citizen, single and head of the family died on December 2019 leaving the following properties: FV AT THE TIME OF INHERITANCE P 12, 000, 000 P 10, 000, 000 FV AT THE TIME OF DEATH 2,000,000 4,000,000 PROPERTIES House and Lot- Family home (inherited from his father who died on July 2017) Fortuner (inherited from his mother who died May of 2015) Other Information: .../5 A. Other properties amounts to P 16,000,000. B. The car was mortgaed for P 250, 000 when it was acquired and Mr. A paid the same. C. The other deductions totaled P 1, 700, 000 excluding standard deductions. How much is the vanishing deduction applicable to the car? * Mr. A a resident citizen, single and head of the family died on December 2019 leaving the following properties: FV AT THE TIME OF DEATH P 12, 000, 000 P 10,000,000 2,000,000 4,000,000 FV AT THE TIME OF INHERITANCE PROPERTIES House and Lot- Family home (inherited from his father who died on July 2017) Fortuner (inherited from his mother who died May of 2015) Other Information: .../5 A. Other properties amounts to P 16,000,000. B. The car was mortgaed for P 250, 000 when it was acquired and Mr. A paid the same. |C. The other deductions totaled P 1, 700, 000 excluding standard deductions. How much is the total deductions from the gross estate? Mr. A a resident citizen, single and head of the family died on December 2019 leaving the following properties: FV AT THE TIME OF DEATH P 12, 000, 000 P 10,000,000 2,000,000 4,000,000 PROPERTIES House and Lot- Family home (inherited from his father who died on July 2017) Fortuner (inherited from his mother who died May of 2015) Other Information: .../5 A. Other properties amounts to P 16,000,000. B. The car was mortgaed for P 250, 000 when it was acquired and Mr. A paid the same. C. The other deductions totaled P 1, 700, 000 excluding standard deductions. FV AT THE TIME OF INHERITANCE How much is the estate tax due/payable? * Mr. A a resident citizen, single and head of the family died on December 2019 leaving the following properties: FV AT THE TIME OF DEATH P 12, 000, 000 P 10,000,000 2,000,000 4,000,000 PROPERTIES House and Lot- Family home (inherited from his father who died on July 2017) Fortuner (inherited from his mother who died May of 2015) Other Information: .../5 A. Other properties amounts to P 16, 000, 000. B. The car was mortgaed for P 250, 000 when it was acquired and Mr. A paid the same. C. The other deductions totaled P 1, 700, 000 excluding standard deductions. FV AT THE TIME OF INHERITANCE
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To calculate the vanishing deduction applicable to the house and lot we need to determine the adjusted net estate ANE and the adjusted net share ANS o... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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