Process Modelling, Simulation and Control for Chemical Engineering. Solved problems.Descripción completa
thermodynamics chapter 3rd that a good solution
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BUSINESS AND TRANSFER TRANSFER TAXATION 5th Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS
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Ch!t"# $: GROSS ESTATE
C%ATER $
GROSS ESTATE Problem 3-1
1. 2. 3. 4. !. $. %. &. ). 1*.
False False – should be including including revocab revocable le transfers transfers and transfe transfers rs for insufficie insufficient nt considerati consideration. on. False False – dependin depending g on the the citize citizenship nship and reside residency ncy of the decede decedent. nt. True False False – common common stock stock only only prefe preferred rred stock stock is measured measured at at its par value. value. False False – reside resident nt alie alien n " properti properties es #ithi #ithin n and #itho #ithout ut True True False False – donati donation on mortis mortis causa is sub'ect sub'ect to estate estate ta(. True False False – only revoca revocable ble transfer transfer is is ta(able. ta(able.
Problem 3-2
1. 2. 3. 4. !. $. %. &. ). 1*.
False False – the the relati relationship onship must be one one degree degree of generat generation. ion. True True – +f +f he is is a nonr nonres esid iden entt alie alien. n. Fals Falsee – the the oth other er #ay #ay aro around und True False False – it #ill #ill depe depend nd on ho# ho# the 'e# 'e#elr elry y #as ac,ui ac,uired red.. True Fals Falsee – revo revoca cabl blee desi design gnat atio ion. n. True Fals Falsee – e(cl e(clus usiv ivel ely y to to #if #ifee False False – surviving surviving spouse spouse capital capital is not not included. included.
Problem 3-3
1. 2. 3. 4. / !. 0
$. %. / &. ). 1*. 0 - /
Problem 3-4
1.
The report reportabl ablee gross gross esta estate te is is 2** 2**** ****. **.
2.
eportabl eportablee gross estate estate is $*****. $*****. s a rule rule property property donated donated by the decedent decedent to a nonprofit nonprofit and nonstock nonstock educational institution shall not be considered in the computation of gross estate.
3.
The reportabl reportablee estate estate of in the hilippines hilippines is !*** !******. ***. 5ven 5ven if is a nonresident nonresident Filipino Filipino his propert properties ies located outside the hilippines are reportable in the hilippines because he is a Filipino citizen.
4.
1*******. 1*******. The The properties properties left left by a resident resident alien alien #hich are are located located #ithin #ithin and outside outside the hilippine hilippiness are re,uired to be reported for hilippine estate ta( purposes.
!.
t market market value value of %!****. The The la# provides provides that the the valuation valuation should should be at the market market value value of the property property at the time of the o#ner6s death. The book value is irrelevant because the properties left by the decedent are considered under li,uidating concern.
BUSINESS AND TRANSFER TAXATION 5th Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS
)
Ch!t"# $: GROSS ESTATE
$.
7nly the market value of !***** is the reportable gross estate. The rule is to report the market value of the property at the time of the decedent6s death. The compensatory damages of )***** is nonta(able and besides the accrued to the decedent6s heirs after death.
%.
+f the cash dividend accrued to 8 before his death but received only after death then the additional gross estate #ould be 2******. 0ut if cash dividend accrued only after death then there is no addition to the gross estate. 9ote: +f the problem is silent as to the par value of the shares of stock it is assumed that the cost is the par value per share. The market value of the shares of stock shall be the reportable amount of the gross estate not the ac,uisition cost of the shares of stock.
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has 2*; in the book value of < -orporation. The book value of < -orp. is 2******. Therefore the reportable gross estate of #ould be 4***** or =2****** ( 2*;>.
).
?ero. The beneficiary is irrevocable. Therefore the !****** proceeds of life insurance should be e(cluded from the gross estate.
1*. roperty brought into marriage before ugust 3 1)&& shall be classified as an e(clusive property but its fruits shall be classified as part of the con'ugal property. The e(clusive gross estate of @r. 8 is &******. 11. @arriage on or after ugust 3 1)&& shall be governed by the absolute community regime of property relation. Therefore the e(clusive gross estate of @r. 8 is zero because his property brought into marriage including its fruits shall be classified as part of the absolute community property. 12. eportable gross estate is $****** but the entire amount shall be allo#ed as deductions from the gross estate as transfer for public use. 13. eportable gross estate is 4******. The claims against insolvent person should still be reported in the gross estate but allo#ed as deductions from the gross estate. 14. Aince @ is a resident alien all of his properties #ithin and outside the hilippines should be reported as part of the gross estate for hilippine estate ta( purposes. The reportable gross estate should be 11******. 1!. 9o amount is allo#ed as e(emption because the rule of reciprocity is applied only on the intangibles of nonresident alien. 1$. Aince @r. T is a nonresident alien in this case the gross estate is zero because the rule of reciprocity can no# be applied.
Problem 3 – 5
A
Bouse and lot /aly -ity @ansion 0oracay hilippines -ars hilippines Ahares of stock Bongkong
1******* !******* 2****** !******
BUSINESS AND TRANSFER TAXATION 5th Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS
1*
Ch!t"# $: GROSS ESTATE
ccounts receivable Cross estate of @olina Problem 3-6
C
eal property in the hilippines ersonal properties in foreign country mount to be included in the gross estate Problem 3-7
3****** %*******
1****** 3***** 13*****
D
Aince the alien is nonresident all of his properties outside the hilippines are reportable for hilippine estate ta( purposes. Problem 3-8
The gross estate shall be valued at its fair market value at the time of death. Problem 3-10
C
mount to be included in the gross estate D=12*E1!*>2G ( 1*** Problem 3-11
13!***
D
roperties ac,uired and brought into marriage on or before ugust 3 1)&& is governed by absolute community of property o#nership. Problem 3-12
A
5,uity in A@- book value =12!******* ( 4*;> +nvestment income =1******** ( 4*;> mount to be included in the gross estate
!******** 4******* !4*******
9ote: +nvestment income is considered because there is significant controlling interest. Problem 3-13
B
roceeds to revocable life insurance Problem 3-14
&*****
D
The proceeds of life insurance is not reportable because the beneficiary is irrevocable. Problem 3-15
C
Fair market value – date of death Hess: Aelling price paid by the son mount included in the gross estate Problem 3-16
3****** 1***** 2)*****
C
Fair market value – date of death Hess: Aelling price received by Aingsong mount included in the gross estate
2****** 13***** %*****
BUSINESS AND TRANSFER TAXATION 5th Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS
11
Ch!t"# $: GROSS ESTATE
Problem 3-17
C
The entire amount of receivable irrespective #hether collectible or not shall b e included as part o f the gross estate. Problem 3-18
A
evocable donation to the amon @agsaysay Foundation Family home 0enefits under .. 4)1% Transfers in contemplation of death /onation to the government Total reportable gross estate Problem 3-19
-ondominium in @akati as a fiduciary heir -ash as be,uest to the
!****** 2****** %******
A
7nly nonresident alien shall be sub'ect to reciprocity. Problem 3-21
1. -on'ugal partnership of gains " A -on'ugal properties: ccum. income from boarding house ersonal properties ac,uired during marriage 5(clusive property – boarding house inherited from his parents before marriage Total gross estate
3****** !******
P 8,000,000
4****** P12,000,000
2. bsolute community of property " D bsolute communal properties: ccum. income from boarding house ersonal properties ac,uired during marriage 0oarding house inherited from his parents before marriage Total gross estate
Problem 3-23 eal properties in the hilippines -ar in the hilippines -ollectibles Time deposit ccrued interest on time deposit =3***** ( 12; ( !12>
2****** &***** !***** 3***** 1!***
BUSINESS AND TRANSFER TAXATION 5th Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS Cross estate
12
Ch!t"# $: GROSS ESTATE 3$1!***
Problem 3-24
Ahares of stock – Iapanese -orporation – &!; of business in the hilippines Time deposit in 5,uitableJ-+ 0ank +nvestments in bonds in Iollibee -orporation Cross estate
12******* !******** 4****** $24******
Problem 3-25
Bouse and lot +nvestment in property -ar Furniture Cross estate
$****** 2****** $***** 3***** &)*****
Problem 3-26
1.
2.
Histed in the local e(change -ommon =1)*2> ( 1**** shares 9ot listed in the local e(change Total stockholders6 e,uity Hess: Hi,uidating value of preferred stock =11* ( $**** shares> evaluation surplus Total book value to common shares /ivided by outstanding common shares 0ook value per share @ultiplied by number of @r. Tulog6s investment in common shares Kalue of securities as part of gross estate
roceeds of life insurance – revocable /onation to take effect upon her death /iamond necklace Cross estate
1****** !***** !***** 2******
Problem 3-29
1.
ccrued interest =1****** ( $; ( )12> Transfers in contemplation of death dditions to the reportable gross estate
4!*** 1!***** 1!4!***
2.
Family home Time deposit
2****** 1******
BUSINESS AND TRANSFER TAXATION 5th Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS
13
Ch!t"# $: GROSS ESTATE
roceeds of life insurance received by his #ife -laims against insolvent person dditions to the reportable gross estate =see 1> Total gross estate
!***** 2***** 1!4!*** !24!***
Problem 3-30 roperties: c,uired by decedent prior to marriage c,uired by surviving spouse prior to marriage +nherited by decedent during the marriage c,uired during the marriage +ncome derived from property inherited by surviving spouse during the marriage Time deposit ccrued interest Total gross estate of the decedent
