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Please show your solution and explanation if needed. Thank youu!! Subject: Estate taxation X, died in 2013 with the following properties: (Under ACOP) Real properties
Please show your solution and explanation if needed. Thank youu!!
Subject: Estate taxation
X, died in 2013 with the following properties: (Under ACOP) Real properties acquired before marriage of 3,000,000 (acquired thru inheritance from his Father 4.5 yrs ago valued 4,000,000; with unpaid mortgage of 100,000, still unpaid at time of death of x.) Family house, conjugal of 1,000,000 Family lot, exclusive of decedent is 400,000 Land in Cebu acquired during marriage using exclusive funds of X; 5,600,000 Funeral expenses of 275,000 Medical expenses of 650,000 Taxes accrued before death is 1,300,000, conjugal What is the taxable net estate? (For the ratio of Initial basis over the Ge, pls round off up to two decimal places. Example, the computed ratio is 23.34566%; then, pls use 23.35%) X died, RC, in 2017. Net estate in Phil is 1,200,000 while net estate in USA is 1,800,000.Estate tax paid in US is 150,000. What is the state tax still due of X? (Note: Standard deduction was already deducted and accounted in the given net estate). X, died in 2013 with the following properties: (Under ACOP) Real properties acquired before marriage of 3,000,000 (acquired thru inheritance from his Father 4.5 yrs ago valued 4,000,000; with unpaid mortgage of 100,000, still unpaid at time of death of x.) Family house, conjugal of 1,000,000 Family lot, exclusive of decedent is 400,000 Land in Cebu acquired during marriage using exclusive funds of X; 5,600,000 Funeral expenses of 275,000 Medical expenses of 650,000 Taxes accrued before death is 1,300,000, conjugal What is the taxable net estate? (For the ratio of Initial basis over the Ge, pls round off up to two decimal places. Example, the computed ratio is 23.34566%; then, pls use 23.35%) X died, RC, in 2017. Net estate in Phil is 1,200,000 while net estate in USA is 1,800,000.Estate tax paid in US is 150,000. What is the state tax still due of X? (Note: Standard deduction was already deducted and accounted in the given net estate)Step by Step Solution
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