Reference no: EM132868718
Problem - Wilson died in a car accident. He died intestate on October 10, 2018. The following are the data:
Exclusive properties of the decedent:
Car P1,400,000
Lot in Quezon City 2,000,000
Community properties:
Cash on hand and in bank 3,000,000
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
House and lot in Laguna, used as family home 4,000,000
Other real 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 lot in Quezon City (contracted before marriage) 200,000
Unpaid mortgage on house and lot in Laguna 350,000
Accrued income taxes 35,000
Income tax on income earned from Oct 11 to Dec 31(year of death) 7,500
Medical expenses 20,000
REQUIRED -
1. Compute the estate tax due based on the information given.
2. Compute the estate tax due if the bank deposit was withdrawn prior to the filing of the tax return.
|
What amount should Turtle report as accumulated depreciation
: In its December 31, Year 3, balance sheet, what amount should Turtle report as accumulated depreciation for equipment
|
|
Short menu using combination of any of ingredients
: Research your favorite type of cuisine and create a short menu using a combination of any of the ingredients.
|
|
Prepare the variance analysis in One-way variance
: Fixed overhead per DLH 3.00 (based on12,000 DL hours). Prepare the variance analysis in One-way variance, Two-way variance, and Three-way variance
|
|
Show an analysis of the Investment in Phish Co account
: Please show an analysis of the Investment in Phish Co. account to determine the amount of Krab Co.'s cash payment to acquire its 60% interest in Phish Co
|
|
Compute the estate tax due
: Wilson died in a car accident. He died intestate on October 10, 2018. Compute the estate tax due based on the information given
|
|
What is the warranty expense
: On January 1, 2016, the warranty liability was P60,000 and the warranty payments during 2016 totaled P50,000. What is the warranty expense for 2016
|
|
Compute Graham Incs basic earnings per share
: The company issued 6,000 shares on December 1. Net income for 2017 was $175,600. Compute Graham, Inc.'s basic earnings per share for 2017
|
|
Prepare the shareholders equity section of the SFP
: The Retained Earnings balance is $190,000 before considering the transactions above. Prepare the shareholders' equity section of the SFP in good form
|
|
Ict networking consultant project
: Design and build small to medium networks and Understand the services which enable the Network to connect end users
|