Taxation Straight Problem No. 7: The Last Airbender

This another problem focuses more on how to compute for tax credit allowed to be deducted in the estate tax payable. Now, if the Last Airbender named Aang had died, what will you do to settle his estate? Solve this problem:

The Avatar, Aang, had left his properties upon his death. Data on his estate are as follows:

Country Net Estate Estate Tax Paid
Philippines  2,547,000.00
Air Nation  5,872,000.00  595,800.00
Fire Nation  4,797,000.00  900,000.00
Earth Nation  2,804,000.00  223,440.00
Water Nation  980,000.00  175,000.00
Total  17,000,000.00  1,894,240.00

Required: Compute for the following:

  1. Philippine Estate Tax
  2. Tax Credit
  3. Estate tax still due

Featured Image Credit: Picture of Aang from Wikipedia.


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