Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 28 views

    Estate Tax

    Uploaded by

    Gerald Santos
    1. Nilson Tan Chan died in a car accident on October 10, 2018. His son, Manny Ang Chan, is the executor of the estate. 2. The gross estate is P13,700,000, which includes properties like a car, land, condo unit, and bank deposits. Deductions total P882,500. 3. The net taxable estate is P3,057,500. The estate tax due is P183,450. If the bank deposit was withdrawn before filing, the tax due would be P159,450.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Estate Tax

    Uploaded by

    Gerald Santos
    28 views1 page
    1. Nilson Tan Chan died in a car accident on October 10, 2018. His son, Manny Ang Chan, is the executor of the estate. 2. The gross estate is P13,700,000, which includes properties like a car, land, condo unit, and bank deposits. Deductions total P882,500. 3. The net taxable estate is P3,057,500. The estate tax due is P183,450. If the bank deposit was withdrawn before filing, the tax due would be P159,450.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. Nilson Tan Chan died in a car accident on October 10, 2018. His son, Manny Ang Chan, is the executor of the estate. 2. The gross estate is P13,700,000, which includes properties like a car, land, condo unit, and bank deposits. Deductions total P882,500. 3. The net taxable estate is P3,057,500. The estate tax due is P183,450. If the bank deposit was withdrawn before filing, the tax due would be P159,450.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views1 page

    Estate Tax

    Uploaded by

    Gerald Santos
    1. Nilson Tan Chan died in a car accident on October 10, 2018. His son, Manny Ang Chan, is the executor of the estate. 2. The gross estate is P13,700,000, which includes properties like a car, land, condo unit, and bank deposits. Deductions total P882,500. 3. The net taxable estate is P3,057,500. The estate tax due is P183,450. If the bank deposit was withdrawn before filing, the tax due would be P159,450.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    ESTATE TAX

    Nilson Tan Chan resident of Unit 11-D, Tower 4, Manhattan Parkview Residences, Araneta Center, Cubao,
    Quezon City died in a car accident. He died October 10, 2018. His TIN was 567-987-312 while the TIN of
    estate for ONETT is 890-437-098. Executor of estate is his son Manny Ang Chan with TIN 912-650-215 ang
    contact number 0999-5677531. Email address chanmaniyang@gmail.co
    Exclusive properties:
    Car (Plate No. EFA 6753) P1,200,000
    Residential land in Madulas St., Bgy Fairview, Quezon City, 231 sq meters, TCT
    18-9098876 (FMV, Tax Declaration No. 16-90765– P4.5 M; zonal value -
    6,000,000
    Community properties -
    Receivable as prize in a raffle contest sponsored by PICPA 50,000
    Receivable from an insurance company where his son, Gino was designated in
    the policy as the revocable beneficiary 150,000
    Condominium unit in Cubao, family home, 50 sq m, CCT No. 2013-431567 (FMV,
    per Tax Dec No. 13-84317– P3,800,000; zonal value, P80,000 per sq m)
    Savings deposit (MBTC, Acct #509-007-9087652) 800,000
    Other personal properties 1,500,000

    The following deductions were claimed:


    Funeral expenses 195,000
    Judicial expenses 15,000
    Claims against the estate, not notarized 50,000
    Claims against insolvent persons 30,000
    Unpaid mortgage on land (contracted before marriage) 200,000
    Unpaid mortgage on Condo unit 350,000
    Accrued income taxes 35,000
    Income tax on income earned from Oct 11 to Dec 31(year of death) 7,500
    1. The gross estate is –
    A. P 7,200,000 C. P13,700,000 E. None of the above
    B. 6,500,000 D. 13,730,000

    2. The deductible family home is -


    A. P4,000,000 C. P1,000,000 E. None of the above
    B. 2,000,000 D. 8,000,000

    3. The net taxable estate is -


    A. P3,057,500 C. E. None of the above
    B. 6,115,000 D. None

    4. The estate tax due is -


    A. P 183,450 C. P 3,057,500 E. None of the above
    B. 135,450 D. 251,325

    5. The estate tax due if the bank deposit was withdrawn prior to the filing of the estate tax return
    A. P 183,450 C. P 3,057,500 E. None of the above
    B. 135,450 D. 159,450

    6. How much is the final withholding tax if the bank deposit is withdrawn by the relatives prior to filing of
    estate tax return??
    A. P 183,450 C. P 48,000 E. None of the above
    B. 135,450 D. 159,450

    PREPARE ESTATE TAX RETURN USING BIR FORM NO. 1801

    You might also like