Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax: Location of propertiesPhilippinesNew ZealandGross estate8,000,00010,000,000Allowable Deductions5,000,0004,000,000Net estate3,000,0006,000,000Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?

Calculation of Tax Credit Allowed: Foreign Estate tax paid = P600,000 Estate Tax Credit = (Net…

Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?

Location of properties Philippines New Zealand Gross estate 8,000,000 10,000,000 Allowable Deductions 5,000,000 4,000,000 Net estate 3,000,000 6,000,000 Estate tax paid Php 600,000 How much is the ESTATE TAX PAYABLE?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter27: The Federal Gift And Estate Taxes

Section: Chapter Questions

Problem 8BCRQ

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Question

Inday is settling the estate of his husband Nicanor, who died intestate. The following are the summary of the details of Nicanor’s properties in connection with the processing and payment of his estate tax:

Location of properties	Philippines	New Zealand
Gross estate	8,000,000	10,000,000
Allowable Deductions	5,000,000	4,000,000
Net estate	3,000,000	6,000,000
Estate tax paid		Php 600,000

How much is the ESTATE TAX PAYABLE?

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