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The administrator of a decedents estate (head of the family) provided the following data: Property Domestic shares of 2,000 shares inherited 6 years ago 8,000,000
The administrator of a decedents estate (head of the family) provided the following data:
Property
Domestic shares of 2,000 shares inherited 6 years ago
8,000,000
House and lot, family home, located in Davao, inherited 2 years ago at a value of 1,500,000
2,000,000
Jewelry items in the Philippines at the time of death
400,000
Jewelry items kept in a vault abroad
200,000
Bank deposit in a Philippine branch of a US bank
5,000,000
Interest from bank deposits after decedents death
25,000
Expenses and other charges
Funeral expenses abroad
80,000
Funeral expenses Philippines
200,000
Judicial expenses abroad
100,000
Judicial expenses, Philippines
50,000
Claims against the estate with the notarized debt instrument issued in the Philippines
120,000
Donation to the Philippine government as provided in his will
250,000
Required
Determine the following if the decedent was a Filipino citizen but a resident of Australia
Taxable Net Estate
Estate Tax Due
Determine the following if the decedent was not a Filipino citizen but a resident of Davao City
Taxable Net Estate
Estate Tax Due
The administrator of a decedents estate (head of the family) provided the following data:
Property
Domestic shares of 2,000 shares inherited 6 years ago
8,000,000
House and lot, family home, located in Davao, inherited 2 years ago at a value of 1,500,000
2,000,000
Jewelry items in the Philippines at the time of death
400,000
Jewelry items kept in a vault abroad
200,000
Bank deposit in a Philippine branch of a US bank
5,000,000
Interest from bank deposits after decedents death
25,000
Expenses and other charges
Funeral expenses abroad
80,000
Funeral expenses Philippines
200,000
Judicial expenses abroad
100,000
Judicial expenses, Philippines
50,000
Claims against the estate with the notarized debt instrument issued in the Philippines
120,000
Donation to the Philippine government as provided in his will
250,000
Required
Determine the following if the decedent was a Filipino citizen but a resident of Australia
a. Taxable Net Estate
b. Estate Tax Due
Determine the following if the decedent was not a Filipino citizen but a resident of Davao City
a. Taxable Net Estate
b. Estate Tax Due
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Auditing A Risk Based-Approach
Authors: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
11th Edition
1337619455, 1337619450, 9781337670203 , 978-1337619455
