Solution-Determine the net taxable estate and estate tax

Determine the net taxable estate and estate tax

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Reference no: EM132992155

Problem - Mr. Francisco, Filipino, married, died on Nov.21, 2019, leaving the following assets and expenses:

Assets Azucarera, Tarlac P1,800,000

House and Lot, San Juan, Metro Manila (family home) 1,350,000

2-Door Apartment in Quezon City, donated by his parents in 2008 700,000

Investment in a Domestic Partnership 400,000

Personal Property 160,000

Cash In Bank 200,000

Expenses Funeral Expenses P130,000

Unpaid Mortgage on Azucarera 140,000

Unpaid Mortgage on Apartment 100,000

Medical Expenses in 2015 75,000

Monetary Allowances to the Widow during the settlement of the estate 30,000

Income Tax for 2015 24,000

Required - Determine the net taxable estate and estate tax.

Reference no: EM132992155

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Determine the net taxable estate and estate tax

Reference no: EM132992155

Reference no: EM132992155

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