A decedent left the following properties: Properties Bank deposit in Japan Franchise in Japan Land in France (with PhP1 million unpaid mortgage) Land in Benguet Province (acquisition cost) Other personal properties Receivables from debtor in Philippines Receivables from debtor in Japan Shares of stocks of ABC, foreign corporation, 75% of the business in the Philippines Shares of stocks of PLDT, Philippines Zonal value of the land in Benguet Amount in Php 80,000 100,000 2,000,000 500,000 300,000 70,000 100,000 125,000 75,000 750,000
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- X, Non-resident alien, died in 2022, left the following properties: Land in Italy (with P1 million unpaid mortgage), P2,000,000 Land in Laguna, Philippines, with Cost of P500,000 and Zonal Value of P900,000 Bank deposits in USA, P80,000 Receivable from debtor living in USA; P70,000 Shares of stocks of PLDT, Philippines, P90,000 Other personal properties in manila at cost P100,000 (Fair Market Value is P120,000) Shares of stocks of foreign corporation, 75% of business in Philippines; P400,000 What is the gross estate?Mr. Wakana, a resident Japanese decedent, deed with the following properties: A house and lot in Japan P2,000,000 Bank deposit in the Philippines 600,000 A car in the Philippines 1,000,000 A residential lot in the USA 1,500,000 Compute the amount to be included in gross estate.Inday is settling the estate of his Filipino husband Nicanor, who died intestatein the Netherlands where he works as an OFW. The following are thesummary of the details of Nicanor's properties in connection with theprocessing and payment of his estate tax: Philippines Brazil Netherlands Gross estate 5M 20M 15M Allowable 5M 10M 5M Deductions Net estate 0 10M 10M Estate tax paid 500k 1500000 How much is the ESTATE TAX PAYABLE?
- A decedent left the following properties: His heirs inquired you about estate tax matters. Land in Spain (with P1M unpaid mortgage) P2,000,000; Land in Batangas, Philippines 500,000; Franchise in Switzerland 100,000; Receivable from debtor in Philippines 70,000; Receivable from debtor in Switzerland 100,000; Bank deposits in Switzerland 80,000; Shares of stocks of ABS-CBN (listed), Philippines 75,000; Shares of stocks of RPH, foreign corporation 80% of the business in the Philippines 125,000; Other personal properties 300,000; Zonal value of the land in Batangas 750,000. i. If the decedent is a non-resident citizen, his gross estate is i. If the decedent is a non-resident alien without reciprocity, his gross estate is ii. If the decedent is a non-resident alien with reciprocity, his gross estate is iv. Assuming the ABs-CBN shares are not listed, and there are 1,000 shares at the time of death, ABC-CBN's outstanding shares were 10,000 shares. Its retained earnings were P2,000,000, par…Angel, married resident alien, died on January 15, 2021. She left the following properties, expenses and obligations: Community properties, Philippines (including family home valued at P1,800,000) P8,000,000 Community properties, Abroad 2,000,000 Exclusive properties, Philippines 3,000,000 Claims against the estate (Common) 300,000 Devise to National Gov’t included in Common Properties 500,000 Legacy to Local Gov’t included in exclusive properties 700,000 Compute for the following: 1. Compute for the Gross estate 2. The net estate 3. The estate tax due and payableThe executor of Niel, a Canadian in the Philippines, provided details of his properties in correction with the processing and payment of his estate tax: Philippines Canada Gross Estate 5,000,0000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 200,000 How much is the allowable Estate tax payable?
- Assuming Ana is a non-resident alien, the gross estate is: Ana, died in Syria leaving the following properties: P 1,000,000 2,000,000 100,000 House and lot in Syria Vacant lot in Manila Shares of stock in a foreign corp., 70% of the business is located in the Philippines Shares of stock in a domestic 200,000 corp., 60% of the business is located in the Philippines Car in Manila 500,000 P2,000,000 P2,500,000 P3,800,000 P2,600,000If a Canadian resident receives an inheritance of $1 million from a relative in the U.S. and then takes the $1 million and buys U.S. government bonds with the money how would this be recorded in the US Balance of payments according to IMF standards? OA debit in the Financial Account (other) for the inheritance and a credit in the Financial Account (portfolio) for the bonds A credit in the Capital Account (other) for the inheritance and a debit in the Financial Account (portfolio) for the bonds OA debit in the Capital Account (other) for the inheritance and a credit in the Financial Account (portfolio) for the bonds OA credit in the Financial Account (other) for the inheritance and a debit in the Financial Account (portfolio) for the bonds None of the aboveJuan, resident citizen, had the following income: Interest income from deposits in a foreign bank located in China – 300K Interest from domestic bonds – 50K Royalties from books published in the Philippines – 100K Rent income from properties abroad (the lease contracts were executed in the Philippines) – 150K Professional fees for services rendered in the Philippines to non-resident clients (paid in US dollars) – 400K Applying the situs rules, how much is Juan’s income without the Philippines?
- The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in connection with processing and payment of his estate tax: Philippines Canada Gross estate 5,000,000 10,000,000 Allowable Deductions 5,000,000 5,000,000 Net Estate 0 5,000,000 Estate tax Paid 500,000 How much is the Allowable Tax Credit?The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in connection with the processing and payment of his estate tax: Philippines Canada Gross estate 5,000,000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 500,000 How much is the ESTATE TAX PAYABLEA decedent died leaving the following property: Philippines USA Real Property 5,000,000.00 3,000,000.00 Tangible personal property 3,000,000.00 800,000.00 Intangible personal property 1,800,000.00 1,800,000.00 Determine the Gross Estate if the Decedent is a. Citizenb. Resident Alien ________________c. Non Resident Alien without reciprocity __________________d. Non Resident Alien with reciprocity _________________