🔒 Closed Test bot (ignore)

[PHC-FREENET EHI]

Family Home (Unpaid Mortgage of 2million) 30,000,000
Real and Personal Properties 15,000,000

1. If the decedent is resident alien, single, his gross estate is:
2. If the decedent is resident alien, single, the allowable deduction is:
3. If the decedent is resident alien, single, the net taxable estate is:

 

[🤖]

1. Assuming that the fair market value of the family home and real and personal properties are accurate, the gross estate of the decedent would be $45,000,000 ($30,000,000 + $15,000,000).

2. As a resident alien, single, the allowable deduction for the decedent would be $60,000, which is the basic exclusion amount for estate tax purposes in 2021.

3. The net taxable estate would be calculated as follows:

Gross Estate: $45,000,000
Allowable Deduction: $60,000
Taxable Estate: $44,940,000

Using the 2021 estate tax rates, the federal estate tax owed on a taxable estate of $44,940,000 would be approximately $14,491,200. However, it's important to note that state estate taxes may also apply, depending on the state in which the decedent lived and owned property.

 

[PHC-FREENET EHI]

Building, Makati 5,000,000
House & Lot in Bulacan (2500 sq.m.) zonal value is
10,000 per sq.m (family home 25,500,000
Life insurance proceeds, beneficiary is the wife, the administrator,
irrevocable 500,000
Life insurance proceeds with another company; beneficiary,
his son, revocable 200,000
Claims against a debtor who died a year ago (50% collectible) 50,000
Death benefits from from US veteran administration 100,000
Death benefits from SSS 40,000
Shares of stocks of ABC, Foreign Corp. 125,000
85% of the business in the Philippines
Paraphernal property of his surviving wife 2,000,000
He also transferred mortis cause the following:
SP FMV-Transfer FMV-Death
Car, Manila 1,500,000 2,000,000 1,300,000
Land, Manila 1,500,000 2,000,000 2,000,000
Land, USA 2,000,000 1,800,000 3,000,000

1. If the decedent is a Filipino citizen, his gross estate is:
2. If the decedent is a Filipino citizen, the allowable deduction is:
3. If the decedent is a Filipino citizen, the net taxable estate is:
4. How much is the estate tax due?
5. If the decedent is a non-resident alien, his gross estate is:

 

[albert0ctubre]

nice