Which statement is true? Statement 1: The maximum amount of deductible family home from the gross estate is P10,000,000 Statement 2: If the family home is exclusive property of the surviving spouse and has a current market value of P1,000,000, such amount is not subject to estate ta

Which statement is true? Statement 1: The maximum amount of deductible family home from the gross estate is P10,000,000 Statement 2: If the family home is exclusive property of the surviving spouse and has a current market value of P1,000,000, such amount is not subject to estate ta

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 15MCQ

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Question

Which statement is true?

Statement 1: The maximum amount of deductible family home from the gross estate is P10,000,000

Statement 2: If the family home is exclusive property of the surviving spouse and has a current market value of P1,000,000, such amount is not subject to estate tax.

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