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    Business and Transfer Taxes Problem H

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    Acctg101
    Anvil Alde died as a married resident alien. His estate included a family home worth 9,750,000 as exclusive property and 21,000,000 in real and personal properties as conjugal property. The conjugal estate was entitled to a 3,000,000 deduction for ordinary deductions. The total gross estate was valued at 30,750,000 with deductions reducing the net estate to 13,000,000, of which the surviving spouse's half share was 9,000,000, leaving a net taxable estate of 4,000,000 subject to a 6% estate tax of 240,000.

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    Business and Transfer Taxes Problem H

    Uploaded by

    Acctg101
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    Anvil Alde died as a married resident alien. His estate included a family home worth 9,750,000 as exclusive property and 21,000,000 in real and personal properties as conjugal property. The conjugal estate was entitled to a 3,000,000 deduction for ordinary deductions. The total gross estate was valued at 30,750,000 with deductions reducing the net estate to 13,000,000, of which the surviving spouse's half share was 9,000,000, leaving a net taxable estate of 4,000,000 subject to a 6% estate tax of 240,000.

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    Anvil Alde died as a married resident alien. His estate included a family home worth 9,750,000 as exclusive property and 21,000,000 in real and personal properties as conjugal property. The conjugal estate was entitled to a 3,000,000 deduction for ordinary deductions. The total gross estate was valued at 30,750,000 with deductions reducing the net estate to 13,000,000, of which the surviving spouse's half share was 9,000,000, leaving a net taxable estate of 4,000,000 subject to a 6% estate tax of 240,000.

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    3 views1 page

    Business and Transfer Taxes Problem H

    Uploaded by

    Acctg101
    Anvil Alde died as a married resident alien. His estate included a family home worth 9,750,000 as exclusive property and 21,000,000 in real and personal properties as conjugal property. The conjugal estate was entitled to a 3,000,000 deduction for ordinary deductions. The total gross estate was valued at 30,750,000 with deductions reducing the net estate to 13,000,000, of which the surviving spouse's half share was 9,000,000, leaving a net taxable estate of 4,000,000 subject to a 6% estate tax of 240,000.

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    IDANAN, GEMMIMA T.

    Bachelor of Science in Accountancy 3C


    Tax 12 - Business and Transfer Taxes
    PROBLEM H
    May 10, 2022

    Problem H
    Anvil Alde died a resident alien and married. The family home is his exclusive property. Below are relevant data:
    Family Home ₱9,750,000
    Real and Personal Properties - Conjugal ₱21,000,000
    Conjugal Ordinary Deductions ₱3,000,000

    SOLUTION
    Exclusive Conjugal Total
    Conjugal Properties
    Real and personal properties ₱ 21,000,000 ₱ 21,000,000
    Exclusive Properties
    Family Home 9,750,000 9,750,000
    Gross Estate ₱ 9,750,000 ₱ 21,000,000 ₱ 30,750,000
    Less:
    Ordinary Deductions
    Conjugal Ordinary Deductions (3,000,000) (3,000,000)
    Net Conjugal Estate ₱ 18,000,000
    Special Deductions
    Family Home (9,750,000)
    Special Deduction (5,000,000)
    Total Deductions (17,750,000)
    Net Estate ₱ 13,000,000
    Less: 1/2 share of Surviving Spouse (9,000,000)
    NET TAXABLE ESTATE ₱ 4,000,000
    Tax rate 6%
    ESTATE TAX ₱ 240,000

    ANSWERS
    A. Conjugal Gross Estate ₱ 21,000,000
    B. Total Gross Estate ₱ 30,750,000
    C. Net Conjugal Estate ₱ 18,000,000
    D. Special Deduction ₱ 14,750,000
    E. Total Deductions ₱ 17,750,000
    F. Net Estate ₱ 13,000,000
    G. 1/2 Share of surviving spouse ₱ 9,000,000
    H. Net Taxable Estate ₱ 4,000,000
    I. Estate Tax ₱ 240,000

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