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Subject:AccountingPrice: Bought3
A. State the amount of allowable deductions from the gross estate in each of the following: _______________ 1. Gross estate of P500, 000 and funeral expenses of P75, 000. _______________ 2. Unpaid taxes of the decedent of 3,000,000; 25% of which accrued after death already. _______________ 3. Receivable of P75,000 from an insolvent debtor whose ratio of assets to liabilities is 1:3 _______________ 4. Hospitalization expenses until death: P3,000,000, 50% incurred 1 yr. Prior to death but only ½ of which is supported by receipts. _______________ 5. Expenses for the probate of a will including P10,000 facilitation fee for a court personnel , P100,000: amount paid to broker to convert some property in the estate to cash as authorized by the court P50,000. _______________ 6. P75,000 indebtedness with interest at 20% p.a. contracted 3months before death, not notarized and a deed of mortgage P20,000, contracted 6 months before death at 24% p.a. _______________ 7. P100,000 note payable notarized earning 18% p.a. died September 30, 2009. Decedent dated March 15, 2010. _______________ 8. A conjugal family house with FMV of P900,000 and exclusive family lot worth P500,00 owned by the decedent
