Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Please show your solution and explanation if needed. Thank youuu! Subject: Estate Taxation X died leaving the following properties: a. House and lot in the

image text in transcribed

Please show your solution and explanation if needed. Thank youuu! Subject: Estate Taxation

X died leaving the following properties: a. House and lot in the Philippines (mortgaged for P300,000) 1,250,000 b. Condominium unit in Hongkong 1,000,000 C. Car in Philippines 70,000 d. Car in Hongkong 60,000 e. Franchise exercised in the Philippines 300,000 f. Franchise exercised in New York, USA 25,000 & Domestic shares, certificate kept in New York, USA 55,000 h. Foreign shares, 90% of business in the Philippines 60,000 i. Foreign shares, 30% of business in the Philippines, with business situs in the Philippines. 15,000 Foreign shares, 60% of business in the Philippines 75,000 What is the gross estate if the decedent was a non-resident alien (with reciprocity)? What is the gross estate if the decedent was a non-resident alien (without reciprocity)? K died leaving the following properties: a. House and lot in the Philippines (mortgaged for P300,000) 1,250,000 b. Condominium unit in Hongkong 1,000,000 C. Car in Philippines 70,000 d. Car in Hongkong 60,000 e. Franchise exercised in the Philippines 300,000 f. Franchise exercised in New York, USA 25,000 8. Domestic shares, certificate kept in New York, USA 55,000 h. Foreign shares, 90% of husiness in the Philippines 60,000 i. Foreign shares, 30% of husiness in the Philippines, with business situs in the Philippines. 15,000 Foreign shares, 60% of business in the Philippines 75,000 What is the gross estate if the decedent was a non-resident alien (without reciprocity)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Accounting Principles Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

8th Canadian Edition

978-1119502425

Students also viewed these Accounting questions