X, Non-resident alien, died in 2022, left the following properties:Land in Italy (with P1 million unpaid mortgage), P2,000,000Land in Laguna, Philippines, with Cost of P500,000 and Zonal Value of P900,000Bank deposits in USA, P80,000Receivable from debtor living in USA; P70,000Shares of stocks of PLDT, Philippines, P90,000Other 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; P400,000What is the gross estate?

X, Non-resident alien died in 2022, left property behind him. Some of the properties are :- Land in…

Answered: X, Non-resident alien, died in 2022,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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?

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