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Question - A citizen-decedent died in 2018 with the following data:
Philippines USA
Gross Estate 14,200,000.00 4,400,000.00
Allowable Deductions 6,400,000.00 2,200,000.00 (Excluding Standard Deductions)
Estate Tax Paid 250,000.00
Required - How much is the estate tax payable in the Philippines assuming the decedent is a non-resident citizen?
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On January 1, 2011, Madison Products issued $30 million of 7.9%, Prepare the journal entry for the issuance of the bonds by Madison
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