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    Sol Man 9

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    iamjan_101
    This document contains two sections: 1) A crossword puzzle with clues in numbers. 2) Discussion questions and estate tax problems involving the valuation and taxation of estates. Questions involve determining taxable estates and tax due based on given asset values and deductions.

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    Download as DOC, PDF, TXT or read online from Scribd

    Sol Man 9

    Uploaded by

    iamjan_101
    200 views4 pages
    This document contains two sections: 1) A crossword puzzle with clues in numbers. 2) Discussion questions and estate tax problems involving the valuation and taxation of estates. Questions involve determining taxable estates and tax due based on given asset values and deductions.

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    sol man 9

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    sol man 9

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    This document contains two sections: 1) A crossword puzzle with clues in numbers. 2) Discussion questions and estate tax problems involving the valuation and taxation of estates. Questions involve determining taxable estates and tax due based on given asset values and deductions.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    200 views4 pages

    Sol Man 9

    Uploaded by

    iamjan_101
    This document contains two sections: 1) A crossword puzzle with clues in numbers. 2) Discussion questions and estate tax problems involving the valuation and taxation of estates. Questions involve determining taxable estates and tax due based on given asset values and deductions.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 4

    CHAPTER 9

    9 1. CROSSWORD PUZZLE M I
    3 1

    C N T A S

    S T

    S S B
    6

    U A L D D

    A B T
    7

    E E

    N D A R

    A X

    T Y

    9 2. DISCUSSION QUESTIONS/PROBLEMS
    1. Car Condominium unit (zonal value) Gross estate 1,300,000 1,950,000 3,250,000

    The zonal value represents the air mar!et value per CI" #hi$h is hi%her than the assessed value o &1,325,000' 2. The assessment made () the Commissioner is erroneous (e$ause the estate o a de$edent shall (e appraised at its air mar!et value as o the time o death' The air mar!et value o the propert) at the time o *a%ol(olan+s death in 2005 #as onl) &,00,000, hen$e, it should (e the proper (asis o valuation or estate tapurposes' 3. 4. .air /ar!et 0alue (121 2 121)3 2 - 3,500 *oo! value per share (&2,000,000 2 500,000)320,000 - 5hares o#ned () 5onia .air mar!et value 12,,450 & 125 500 62,500

    5.

    The estate ta- imposed under the Code shall (e paid () the e-e$utor or administrator (e ore the deliver) o the distri(utive share in the inheritan$e to an) heir or (ene i$iar)' 7here there are t#o or more e-e$utors or administrators, all o them are severall) lia(le or the pa)ment o the ta-' The estate ta- $learan$e issued () the Commissioner or the "evenue 8istri$t 9 i$er ("89) havin% :urisdi$tion over the estate, #ill serve as the authorit) to distri(ute the remainin%3distri(uta(le properties3share in the inheritan$e to the heir or (ene i$iar)' The e-e$utor or administrator o an estate has the primar) o(li%ation to pa) the estate ta- (ut the heir or (ene i$iar) has the su(sidiar) lia(ilit) or the pa)ment o 21

    that portion o the estate #hi$h his distri(utive share (ears to the value o the total net estate' The e-tent o his lia(ilit), ho#ever, shall in no $ase e-$eed the value o his share in the inheritan$e' 6. a' No, (e$ause the %ross estate does not e-$eed &200,000' (' ;es, (e$ause the %ross value o the estate e-$eeds &200,000' $' ;es' <lthou%h the total value o the estate does not e-$eed &200,000 sin$e it $onsists o a $ar #hi$h is a re%istra(le propert), an estate ta- return must ne$essaril) (e iled' *atu% is

    7.

    a' The deadline or the ilin% o an estate ta- return on the estate o 8e$em(er 30, 200, or si-(6) months a ter his death'

    (' The latest date that the Commissioner $an set in $ase he de$ides to %rant e-tension o time or ilin% is =anuar) 29, 2002 or e-a$tl) 30 da)s a ter the lapse o the ilin% period' $' 8. a' The heirs, e-e$utor or administrator should ile the return #ith an authorized (an!, or "evenue 8istri$t 9 i$er, or Colle$tion 9 i$er in Ta(a$o Cit)' The deadline or pa)ment o the estate ta- o estate o *anul is Novem(er 3, 200, or si- (6) months a ter his death' This is also the deadline or ilin% the estate tareturn o the de$edent' In $ase the Commissioner de$ides, he $an %rant e-tension o time or pa)ment> Not to e-$eed 5 )ears ? in $ase the estate is settled :udi$iall)' Not to e-$eed 2 )ears ? in $ase the estate is settled e-tra:udi$iall)' 9' @state ta- due <dd> &enalties Aate ilin% and pa)ment (205,200 25B) Interest (205,200 - 20B - 4312) @state ta- pa)a(le & 205,200 51,300 23,910 2,0,110

    ('

    EXERCISE 9 3
    1' 2' Couse and lot, /anila Cash, re$eiva(les, et$' (400,000 2 15,000) 5hares D(&0'55 2&0'15) 3 2E - 50,000 5hares, 5/C 5hares, <** Aand, /anila Couse, Fuezon Cit) Aand Gross estate The last da) or ilin% the return and pa)ment o ta- #ithout an) penalt) is /ar$h 20, 2009' Con:u%al 2,000,0 00 415,000 25,00 0 10,000 15,000 100,000 1,145,000 GGGGGGGGG 900,00 0 2,410,00 2,260,00 5,000,000 0 0 @-$lusiv e Total

    25

    Aess> 8edu$tions 9rdinar) ? .uneral e-penses (s$hedule 1) Aoans, &N* Aoans, 555 In$ome ta-, =an' 1 to 5eptem(er 20 "eal estate ta*ad de(ts Hnpaid mort%a%e, land, ather(100,000? 60,000) Hnpaid mort%a%e, land, mother (60,000I 35,000) 0anishin% dedu$tion (s$hedule 1) Tot al 5pe$ial ? /edi$al e-penses .amil) home (2,000,000 - J) 5tandard dedu$tion Net estate

    190,000 30,000 20,000 23,000 10,000 15,000 10,000 25,000 GGGGGGG 32,,000 669,16, 691,16, (1,022,16 ,) 15,00 0) (1,000,00 0) (1,000,00 0) 1,932,,3 2 1,206,0 00 426,,3 2 15,000'00 1,,116'56 33,116'56 ,,2,6'6 1 3,,64'10 15,300'3 0 125,000 50,000 15,000 190,000 (

    Aess> 5hare o survivin% spouse (2,410,000 I 32,,000) - J Net ta-a(le estate Ta- on &500,000 226,,32 - ,B @state ta<dd> &enalties (33,116'56 - 25B) Interest (33,116'56 - 20B - 4312) @state ta- due 5$hedule 1> .uneral e-penses .uneral servi$e 9ther uneral e-penses *urial plot and tom(stone Total 5$hedule 2> 0anishin% dedu$tion 5hares o sto$!, 5/C 5hares o sto$!, <** Aand, /anila Couse, Fuezon Cit) Total Aess> /ort%a%e paid Initial (asis Aess> 8edu$tions (90035,000) /otherKs estate & 15,000 10,000 50,000 ,35,000

    Ao#er value & & 10,000 10,000 15,000 10,000 100,000 50,000 1,145,000 ,35,000 935,000 35,000 900,000 63,510

    &resent estate

    26

    353,000 *ase "ate 0anishin% dedu$tion 3'

    ,36,160 ,0B 669,16,

    The e-e$utor, administrator or an) o the heirs are %iven t#o (2) months rom the time o death o the de$edent to ile noti$e o death to the *I"' Cen$e, the) have until Novem(er 20, 200, to ile said noti$e ;es, (e$ause the value o the %ross estate is &5,000,000 #hi$h is more than &2,000,000'

    1'

    24

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