Becky purchased a P1,500,000 life insurance policy for P100,000. During the year, Becky died and her heirs collected the entire proceeds. How much of the proceeds is exempt from income tax? * O a. P1,500,000 O b. P1,400,000 O c. P100,000
Becky purchased a P1,500,000 life insurance policy for P100,000. During the year, Becky died and her heirs collected the entire proceeds. How much of the proceeds is exempt from income tax? * O a. P1,500,000 O b. P1,400,000 O c. P100,000
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 1CPA
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