In 2018, Ronnie Alonte received from his employer a promissory note with a face value of P 50,000 for services rendered. The note will mature in 2019. However, it can be sold to a bank at a discount of 25%. The employer paid the promissory note in 2019. How much is the taxable income to be declared by Alonte on the promissory note in 2018 and 2019? 2018 2019 a. P 50,000 P 50,000 b. P 12,500 P 37,500 c. P 37,500 P 12,500 d. None P 50,000

In 2018, Ronnie Alonte received from his employer a promissory note with a face value of P 50,000 for services rendered. The note will mature in 2019. However, it can be sold to a bank at a discount of 25%. The employer paid the promissory note in 2019. How much is the taxable income to be declared by Alonte on the promissory note in 2018 and 2019? 2018 2019 a. P 50,000 P 50,000 b. P 12,500 P 37,500 c. P 37,500 P 12,500 d. None P 50,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 80P

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