Charlotte was injured in a vehicular accident in 2022. He incurred and paid medical expenses of P120,000 and legal fees of P50,000 during the year. In 2023, he received P70,000 as settlement from the insurance company which insured the car owned by the other party involved in the accident. From the above payments and transactions, how much amount is to be included as part of gross income?
Charlotte was injured in a vehicular accident in 2022. He incurred and paid medical expenses of P120,000 and legal fees of P50,000 during the year. In 2023, he received P70,000 as settlement from the insurance company which insured the car owned by the other party involved in the accident. From the above payments and transactions, how much amount is to be included as part of gross income?
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 41P
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Charlotte was injured in a vehicular accident in 2022. He incurred and paid medical expenses of P120,000 and legal fees of P50,000 during the year. In 2023, he received P70,000 as settlement from the insurance company which insured the car owned by the other party involved in the accident. From the above payments and transactions, how much amount is to be included as part of gross income?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT