Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 1- gross estate, tangibles and intangibles

Problem 1- Gross estate, tangibles and intangibles, life insurance, claims against insolvent...

80.2K

Verified Solution

Question

Accounting

Problem 1- Gross estate, tangibles and intangibles, life insurance, claims against insolvent persons, reciprocity
Mr. Mabuhay died on June 1,20A1 with the following properties, rights and claims at the time of his death:
The following are the additional information:
a. Abaca Company's common shares were traded on June 1 at the highest price of P620 and lowest price of P580.
b. Begonia Company owned real properties with book value of P100,000,000 and fair market value of P125,000,000. It had
revaluation surplus of P5,000,000 recorded in its books. It had 1,000,000 issued and outstanding common shares.
c. For jewelry, the practice of pawnshops is to give a pawn value equal to 13 of the fair market value of any property
pawned.
Required:
Determine the gross estate of Mr. Mabuhay if at the time of his death, he was a citizen of the Philippines.
Determine the gross estate of Mr. Mabuhay if at the time of his death, he was neither a citizen nor a resident of the
Philippines.
Determine the gross estate of Mr. Mabuhay if at the time of his death, he was neither a citizen nor a resident of the
Philippines. Assume that the country where Mr. Mabuhay resided does not impose death or estate tax.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

A circle with a radius of 14 yd is shown Answer the parts below Make...

Biology
1.2K views

Osteogenesis imperfecta is a disease caused by a mutation in collagen (type X), which causes the...

General Management
1.2K views

Research current strategies for emerging markets on a global level. Discuss skill base, technology, and low-cost workforce...

Geometry
1.2K views

If a line is not in Ex 1 2x y 5 Ex 3 x y...

Basic Math
1.2K views

OSCAGC03s04q012aP Use the given functions to find g x f x x 4 and g...

Calculus
1.2K views

10 points Prove that for any five linear transformations T T2 T3 T4 T5 from...

Accounting
1.2K views

B2B Co. is considering the purchase of equipment that would allow the company to add...

Accounting
1.2K views

Cash flows from (used for) operating activities-indirect method The net income reported on the income...

Accounting
1.2K views

can you tell me why bonds sould be reported a their discounted present value?

Accounting
1.2K views

1. what is the cost of good sold? 2. what is yhe journal entry to...

Accounting
1.2K views

Cromwell Company began the year with a balance in inventory of $119,000 and ended the...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] The following information is...