Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income.

Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000 Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 41P

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3. Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income Business expenses Interest from savings deposit, BPI-Makati, Philippines Prize in a literary contest he joined Prize received for achievement in literature (did not join the contest) Gain from sale of bonds (maturity is 6 years) Cash he inherited from his uncle P 500,000 200,000 50,000 100,000 10,000 5,000 300,000 20,000 Winnings from illegal gambling Compute the total final tax from certain income. a.P34,000 b. P36,000 с. Р32,000 d. P108,000
Ms. Eun, single, Filipino citizen, died on her birthday on February 14, 2021 with the following information: House and lot in Makati City (at fair value) 30,000,000 House and lot in San Francisco, California, USA (at fair value) 10,000,000 Personal properties 15,000,000 Uncollected receivables from friends evidenced by promissory notes 2,000,000 Claims against insolvent persons 500,000 Unpaid debts at the time of death What is Ms. Eun’s reportable gross estate?
Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. A. P34,000 B. 36,000 C. P32,000 D. P108,000
Pedro Penduco, decedent, died leaving the following properties and rights: Cash on hand and in banks (half to be given to a social welfare institution as per will) P1,500,000Land in Masbate Province Assessed value per city assessment 100,000 Zonal value per BIR 500,000Land in Bali, Indonesia, fair market value 450,000Car, Philippines (mortgage at P100,000) 400,000Receivable from brother (fully collectible) 50,000Receivable from insolvent uncle 20,000Receivable under accident insurance for accident a year before death 80,000Receivable under property insurance for damaged caused to his car 15,000Receivable under life insurance, mother was designated as irrevocable beneficiary 700,000Receivable under life insurance, administrator was designated as irrevocable beneficiary 500,000Receivable under group life insurance, taken by the decedent’s employer 300,000Rent income on property in Bali, Indonesia that…
Alisha, a resident citizen residing in Singapore during his lifetime, left the following properties: House and lot, Britain P 10,000,000 House, Philippines P 40,000,000 Cars, Philippines P 3,000,000 Shares of stock, Malaysia P 4,000,000 Accounts receivable, Britain P 2,000,000 How much is the gross estate of Nicanor?
Marvin had the following transactions: Salary Compensation of body injury due to car accident Bank loan (proceeds used to buy personal auto) Alimony payment to ex-wife (divorce settled in 2018) Child support payment Gift from aunt Gain from sale of city of Bloomington bonds 5,000 Interest from City of Bloomington Bonds Interest received on the U.S. Government bonds Interest received on corporate (GE company) bonds Lottery winnings Life insurance proceed after her grandmother died Calculate Marvin's AGI: $50,000 15200 10,000 6,000 12,000 20,000 500 1,500 350 500 150,000
Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits – Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija – Php 10,000,000 Other Exclusive properties – Php 2,000,000 Community Deductions: Funeral Expenses – Php 500,000 Other Valid Deductions – Php 1,000,000 Medical Expenses – Php 1,000,000 How much is the estate tax due?
Jack Jones, an American residing in New Jersey, USA, single, died on October 1, 2020. His executor provided to you the following information on his estate: House and lot in New Jersey, USA P 8,000,000 Shares of stock of Pasig Textiles, Inc., a domestic corporation 600,000 Bank deposit at PNB – Manila 300,000 Shares of stock of Grant Corporation, a corporation formed in New Jersey, 88% of the business of which is located in the Philippines 1,000,000 Shares of stock of Bluebird Corporation, a corporation organized in New Jersey, 45% of the business is locate in New Jersey, but the shares have acquired a business situs in the Philippines 900,000 Promissory note from Jose Juan, a resident of Pampanga 200,000 Promissory note from John Weeks, a resident of New Jersey, USA 100,000 Condominium unit at Trafalgar Suites in Makati 2,800,000 Franchise of NJ Coffee, exercised in New Jersey 3,000,000…
Concepcion, married to Domingo, died leaving the following properties: Car purchased 3 years before marriage – P250,000House and lot acquired during marriage from conjugal funds – P800,000Savings deposit with Banco de Oro, obtained through labor and industry of Domingo – P90,000Fishpond in Pangasinan, acquired through the income from Concepcion’s former Goto House – P200,000Lotto winnings by Domingo – P5,000,000Yamaha wonderbike purchased by Concepcion out of her exclusive property – P50,000Riceland, brought into the marriage by Domingo – P200,000Shares inherited by Concepcion from her mother two weeks ago – P63,000 Required: Compute for the conjugal property, and for Concepcion’s exclusive properties.
Allan is a married man with surviving spouse: Community properties: Real property located in Manila- 5,000,000 Bank deposits- 5,000,0006 Exclusive Properties: Family home in Batangas- 10,000,000 other exclusive properties- 2,000,000 Community deductions: funeral expenses- 500,000 other valid deductions- 1,000,000 medical expenses- 1,000,000 assuming nicanor is head of the family, how much is the estate tax due?
Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits - Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija - Php 10,000,000 Other Exclusive properties - Php 2,000,000 Community Deductions: Funeral Expenses - Php 500,000 Other Valid Deductions - Php 1,000,000 Medical Expenses - Php 1,000.000 How much is the estate tax due?
Ricardo was married at the time of death and was survived by his wife and their five legitimate children when he was still alive. He died on November 1, 2018 leaving the following: Real and personal properties in the Philippines P11,000,000 Proceeds of life insurance: Receivable by the estate as revocable beneficiary 5,000,000 Receivable by the spouse as irrevocable beneficiary 3,900,000 Medical expenses within one year prior to death: Paid by the time of death 500,000 Unpaid as at the time of death 400,000 Funeral expenses: Paid by the time of death 200,000 Unpaid at the time of death 300,000…