edro, single received the following during the taxable year: Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years - P2,000,000 Proceeds of his mother's life insurance paid at an annual premium of P10,000 within 20 years - P1,000,000 House and lot inherited from his mother - P4,000,000 Rent income from inherited properties - 200,000 For income tax purposes, how much of the above items must be excluded from his gross income?
edro, single received the following during the taxable year: Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years - P2,000,000 Proceeds of his mother's life insurance paid at an annual premium of P10,000 within 20 years - P1,000,000 House and lot inherited from his mother - P4,000,000 Rent income from inherited properties - 200,000 For income tax purposes, how much of the above items must be excluded from his gross income?
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 33P
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Pedro, single received the following during the taxable year:
Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years - P2,000,000
Proceeds of his mother's life insurance paid at an annual premium of P10,000 within 20 years - P1,000,000
House and lot inherited from his mother - P4,000,000
Rent income from inherited properties - 200,000
For income tax purposes, how much of the above items must be excluded from his gross income?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT