Reference no: EM132646124
Question - Taxation in philippines
Donya Paz, a Filipino citizen, died on August 1, 2020 which was also their supposed to be 35th wedding anniversary. She left the following properties to his husband Don Eliseo and two legitimate children:
Residential house-Family Home -Conjugal P 23,500,000
Apartment brought into marriage-Donya Paz 10,000,000
Rental income apartment 3,000,000
Bank deposit-BPI Conjugal 5,000,000
Fish pond inherited by Donya 6 years ago 8,000,000
Family car-Conjugal 1,000,000
Other personal properties-Conjugal 5,000,000
Deductions claimed:
Funeral expense actual with receipts 350,000
Judicial expense actual with receipts 600,000
Claims against the estate, 200k no documents but heirs willing to pay to maintain reputation of Donya 2,000,000
Claims against insolvent persons 1,000,000
Transfer for public use fish pond 3,000,000
Unpaid mortgage- fish pond (remaining balance) 2,500,000
Medical expenses actual with ORs 6mos prior to death 800,000
Using excel, provide in good form the following requirements:
1. Compute the total gross estate.
2. Compute the exclusive and conjugal gross estate.
3. Compute the exclusive and conjugal deductions.
4. Compute the share of surviving spouse.
5. Compute the estate tax due for exam purpose the estate tax rate at 15%.
|
Calculate current ratio and acid-test ratio
: Calculate each of the following ratios: (a) Current ratio (b) Acid-test ratio (c) Debt-to-total-assets ratio (d) Rate of return on assets
|
|
Compare the electoral college results with popular vote
: Describe how the Electoral College works, discuss the results of the Compare the Electoral College results with the popular vote.
|
|
Find and complete an adjusted trial balance at september
: Find and Complete an adjusted trial balance at September 30, 2018. The account have normal debit or credit balance. Assume the year ended on September 30, 2018.
|
|
How to complete the adjusted trial balance at september
: How to Complete the adjusted trial balance at September 30, 2018. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018
|
|
Compute the exclusive and conjugal gross estate
: Claims against the estate, 200k no documents but heirs willing to pay to maintain reputation of Donya 2,000,000. Compute the exclusive and conjugal gross estate
|
|
Prepare adjusting entries as of december
: Prepare adjusting entries as of December 31, 2019. During 2019, the company purchased supplies for $13,400, which was added to the Office Supplies account.
|
|
Determine the interest rate on this note
: Orange County purchased a computer at a cost of $ 45,000. Each payment will be in the amount of $ 12,795. Determine the interest rate on this note
|
|
Social insurance programs and public assistance programs
: Discuss the differences that exist between social insurance programs and public assistance programs.
|
|
Record the transaction in journal entry form
: Groro Co. bills a client $62,000 for services provided and agrees to accept. Post the entry using T-accounts to represent ledger accounts.
|