4. COMPUTE: Inheritance of brother5. COMPUTE: Inheritance of girlfriend (mother of child)6. COMPUTE: Inheritance of son GIVEN:• Decedent - single and a legitimate child• Died - June 2021No last will and testament (INTESTATE)Survived by - father, brother, sister, live-in girlfriend, 2-yr old son (acknowledged)Properties/Rights/Obligations at the time of death:DescriptionFV at deathVarious tangible propertiesIntangiblesUnpaid mortgages on tangible propertiesUnpaid real property taxesEstate tax to be paid by the estateP25,000,0002,000,0003,000,000200,000100,000

Answered: 4. COMPUTE: Inheritance of brother 5.…

4. COMPUTE: Inheritance of brother 5. COMPUTE: Inheritance of girlfriend (mother of child) 6. COMPUTE: Inheritance of son

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter3: Tax Formula And Tax Determination; An Overview Of property Transactions

Section: Chapter Questions

Problem 29P

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Question

4. COMPUTE: Inheritance of brother

5. COMPUTE: Inheritance of girlfriend (mother of child)

6. COMPUTE: Inheritance of son

GIVEN:
• Decedent - single and a legitimate child
• Died - June 2021
No last will and testament (INTESTATE)
Survived by - father, brother, sister, live-in girlfriend, 2-yr old son (acknowledged)
Properties/Rights/Obligations at the time of death:
Description
FV at death
Various tangible properties
Intangibles
Unpaid mortgages on tangible properties
Unpaid real property taxes
Estate tax to be paid by the estate
P25,000,000
2,000,000
3,000,000
200,000
100,000

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