Cash: . Cash on Hand (vault) - Php, 1,000,000 • Time deposits in Squid Bank - Php 4,000,000 ⚫ Savings deposits in Ulan Bank - Php 5,000,000 Motor vehicles: ⚫ Brand new car - Php 5,000,000 0 70's Vintage Car donated by his mother Value in market at time of death - Php 5,000,000 Acquisition Cost - Php 4,000,000 . Cost of repairs/remodeling - Php 3,000,000 Other information: Conjugal Expenses • Funeral expense - Php 500,000 • Accountant's fees Php 4,000 O ° Lawyer's fees - Php 500,000 Unpaid Medical expenses - Php 1.000.000 How much is the total allowable deduction?
Cash: . Cash on Hand (vault) - Php, 1,000,000 • Time deposits in Squid Bank - Php 4,000,000 ⚫ Savings deposits in Ulan Bank - Php 5,000,000 Motor vehicles: ⚫ Brand new car - Php 5,000,000 0 70's Vintage Car donated by his mother Value in market at time of death - Php 5,000,000 Acquisition Cost - Php 4,000,000 . Cost of repairs/remodeling - Php 3,000,000 Other information: Conjugal Expenses • Funeral expense - Php 500,000 • Accountant's fees Php 4,000 O ° Lawyer's fees - Php 500,000 Unpaid Medical expenses - Php 1.000.000 How much is the total allowable deduction?
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 8DQ
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