How much is compensation income of Floro in the current month?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 14P
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Danny Floro works as a caretaker with a monthly salary of P5,000 in the house of Atty. Panfilo Salango. In the current month, Atty. Salango successfully defended the former against a vehicular accident case. The prevailing lawyer’s fee of Atty. Salango is P6,000, which they agreed that Mr. Floro, instead of paying his employer, shall not receive cash for the said month. How much is compensation income of Floro in the current month?
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