Arturo inherited a building from hisfather. The fair market value of thebuilding at the time of inheritance isP3,000,000. The same is earningrental from current tenants in theamount of P250,000. Arturo spentP35,000 in the maintenance of thebuilding. Compute the exclusionsfrom gross income of Arturo: *ZeroO P35,000P3,000,000P3,035,000 Hidilyn Diaz brought fame to hercountry by winning the gold in theOlympics. She received the following:*P20M from the government as cash prizeP1OM from a certain businessman• P15M from a certain domestic corporationHow much of the total receipts is taxable as income to Ms. Diaz?ZeroP10MO P15MO P25MP45M

Properties received from father is not taxable because it is a relative So,Immovable asset received…

Answered: building. Compute the exclusions from…

Business

Accounting

building. Compute the exclusions from gross income of Arturo:

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 2BCRQ

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Question

Arturo inherited a building from his
father. The fair market value of the
building at the time of inheritance is
P3,000,000. The same is earning
rental from current tenants in the
amount of P250,000. Arturo spent
P35,000 in the maintenance of the
building. Compute the exclusions
from gross income of Arturo: *
Zero
O P35,000
P3,000,000
P3,035,000

Hidilyn Diaz brought fame to her
country by winning the gold in the
Olympics. She received the following:
*
P20M from the government as cash prize
P1OM from a certain businessman
• P15M from a certain domestic corporation
How much of the total receipts is taxable as income to Ms. Diaz?
Zero
P10M
O P15M
O P25M
P45M

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