ALLOWABLE DEDUCTIONS 1

Subject:LawPrice: Bought3

Share With

ALLOWABLE DEDUCTIONS 1. 100,000 note payable notarized earning 18% per annum dated September 30, 2009. Decedent died March 15, 2010 * 2. 75,000 indebtedness with interest at 20% per annum contracted 3 months before death; not notarized and a deed of mortgage 20,000 contracted six months before death at 24% per annum 3. Loss of car by theft, occurring 8 months after the decedent's death, value of car 300,000; 60% to be paid by insurance 4. Expenses for the probate of a will including 10,000 facilitation fee for a court personnel, 100,000; amount paid to broker to convert some property in the estate to cash as authorized by the court 50,000 5. A conjugal family house with FMV of 900,000 and exclusive family lot worth 500,000 owned by the decedent 6. Loss by fire of building worth 1,000,000; 5 months after decedent's death, 75% compensated by insurance. Estate was settled in the 6th month 7. Ulnpaild taxes of the decedent of 3,000,000; 25% of which accrued after death a rea y 8. Transfer for public purposes made inter m1,000,000 9. Unpaid mortgage of 200,000 on a 1,100,000 house shown in the gross estate net of 200,000 mortgage. 10. Receivable of 75,000 from an insolvent debtor whose ratio of assets to liabilities is 1:3 11. Hospitalization expenses until death: 3,000,000, 50% incurred 1 year prior to death but only '12 of which is supported by receipts 12. A land worth 1,000,000 when inherited 4 1/2 years ago by the decedent from his father with mortgage of 200,000; 60% of which was paid by the decedent before he died. FMV of land upon death 1,500,000. Gross estate is 8,000,000 and deductions reached 750,000; 40% of which represents ELIT and TPP. Compute for VD only 13. Gross Estate of 8,000,000 and funeral expenses of 250,000. 14. Funeral expenses of a NRA decedent in the Ell'll?- 85,000 gross estate worth 2,000,000 40% from the Elvis,