Cool Ethan, an entrepreneur, was involved in an accident and was able to claim the following damages: Exemplary damages due to injuries - P70,000 Actual damages for unrealized profits - P120,000 Moral damages due to injuries - P80,000 Interest on non-taxable damages - P20,000 Attorney's fees - P100,000 Actual damages for lost products - P200,000 How much of the receipts is non-taxable?
Cool Ethan, an entrepreneur, was involved in an accident and was able to claim the following damages: Exemplary damages due to injuries - P70,000 Actual damages for unrealized profits - P120,000 Moral damages due to injuries - P80,000 Interest on non-taxable damages - P20,000 Attorney's fees - P100,000 Actual damages for lost products - P200,000 How much of the receipts is non-taxable?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter10: Individuals: Income, Deductions, And Credits
Section: Chapter Questions
Problem 18P
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Cool Ethan, an entrepreneur, was involved in an accident and was able to claim the following damages: | |||
Exemplary damages due to injuries - P70,000 Actual damages for unrealized profits - P120,000 Moral damages due to injuries - P80,000 Interest on non-taxable damages - P20,000 Attorney's fees - P100,000 Actual damages for lost products - P200,000 |
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How much of the receipts is non-taxable? |
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