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Please show your solution and explanation if needed. Thank youu!!! Subject: Estate Taxation X died in May 23, 2015. Hospital bill totaled 100,000 from May
Please show your solution and explanation if needed. Thank youu!!!
Subject: Estate Taxation
X died in May 23, 2015. Hospital bill totaled 100,000 from May 15-23, 2015, (20,000 still unpaid). Other medical expenses incurred on July 2015 is 30,000. Expenses for settlement of estate are as follows: Court fees in Aug 2015 of 10,000 and Lawyer's fee on Nov 30, 2015 of 80,000. What is the total allowed ordinary deductions? What is the taxable net estate before Standard deduction? The following data are available for X, decedent in 2016: (under CPG) Gross estate of 1,400,000 per tax return (50% exclusive property). Also includes family home of 150,000, conjugal. Land acquired during marriage by donation 3.5 years ago valued 200,000 at time of donation. Value is 300,000 at time of death (Includes unpaid mortgage of 100,000 assumed by X; however, only 60,00 was paid by X before his death). Funeral expenses of 35,000 Judicial expenses of 15,000 Unpaid taxes of 10,000, conjugal Losses 25,000, conjugal Transfer for pubic purposes of 35,000, from exclusive property Medical expenses of 45,000 Note: Land received by donation is already included in the Gross Estate. X died in May 23, 2015. Hospital bill totaled 100,000 from May 15-23, 2015, (20,000 still unpaid). Other medical expenses incurred on July 2015 is 30,000. Expenses for settlement of estate are as follows: Court fees in Aug 2015 of 10,000 and Lawyer's fee on Nov 30, 2015 of 80,000. What is the total allowed ordinary deductions? What is the taxable net estate before Standard deduction? The following data are available for X, decedent in 2016: (under CPG) Gross estate of 1,400,000 per tax return (50% exclusive property). Also includes family home of 150,000, conjugal. Land acquired during marriage by donation 3.5 years ago valued 200,000 at time of donation. Value is 300,000 at time of death (Includes unpaid mortgage of 100,000 assumed by X; however, only 60,00 was paid by X before his death). Funeral expenses of 35,000 Judicial expenses of 15,000 Unpaid taxes of 10,000, conjugal Losses 25,000, conjugal Transfer for pubic purposes of 35,000, from exclusive property Medical expenses of 45,000 Note: Land received by donation is already included in the Gross EstateStep by Step Solution
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