BUISENESS MANAGEMENT
TAXES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Family home in excess of P10, 000, 000
|
|
|
Separate property of the surviving spouse
|
|
|
Medical expense
|
|
|
Judicial expense
|
Detailed explanation-1: -The net assets subject to taxation equal the person’s total assets minus liabilities and minus the prescribed tax-deductible portion of assets left behind by the deceased that cross some minimum threshold, below which no estate tax is levied.
Detailed explanation-2: -Gross estate includes essentially all substantially valuable property owned by the person at death, including real estate, cash, stocks, life insurance, jewelry, furniture, and owed debts.
Detailed explanation-3: -Generally, the Gross Estate does not include property owned solely by the decedent’s spouse or other individuals. Lifetime gifts that are complete (no powers or other control over the gifts are retained) are not included in the Gross Estate (but taxable gifts are used in the computation of the estate tax).
Detailed explanation-4: -More In File The total of all of these items is your “Gross Estate.” The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.