REQUIRMENTS:1. Compute the Gross Exclusive Properties.2. Compute the Gross Conjugal/Community Properties.3. Compute the Vanishing Deduction. GIVEN:• Decedent Filipino citizen• Died - June 2021• Marriage - April 2013• Survived by - spouse, parents, 2 childrenProperties/Rights/Obligations at the time of deathResidential house and lot (family home) purchased in 2014Building apartment brought into the marriage (acquired in 2000)Income specifically identified from building apartmentBank deposit-EPCIBAgricultural land inherited by decedent 10 years ago from mother(value then 600,000)Farm inherited by decedent 3 years ago from father (value wheninherited 2,500,000)Family car (acquired 2015)Other propertiesUnpaid mortgage - building apartmentUnpaid taxes - building apartment19,000,00020,000,0003,000,0005,000,000800,0002,800,000550,0001,000,0001,000,000100,000

Gross Exclusive Properties are defined as the assets or properties that the decedent owned…

Answered: REQUIRMENTS: 1. Compute the Gross…

REQUIRMENTS: 1. Compute the Gross Exclusive Properties. 2. Compute the Gross Conjugal/Community Properties. 3. Compute the Vanishing Deduction.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 34P

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