Theresita Guadalupe insured his life with an insurance company. Under the contract, she will pay a monthly premium of P2,000 for 10 years. In case of death before the 10th year, his beneficiary will receive an indemnification in the amount of P150,000. If he is still living on the 10th year, he will receive the face value of P500,000. If Theresita Guadalupe dies on the 5th year, his beneficiary will report an income of: * O P500,000 O 150,000 O 260,000 O Exempt
Theresita Guadalupe insured his life with an insurance company. Under the contract, she will pay a monthly premium of P2,000 for 10 years. In case of death before the 10th year, his beneficiary will receive an indemnification in the amount of P150,000. If he is still living on the 10th year, he will receive the face value of P500,000. If Theresita Guadalupe dies on the 5th year, his beneficiary will report an income of: * O P500,000 O 150,000 O 260,000 O Exempt
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 15P: Greg died on July 1,2019 , and left Lea, his wife, a $45,000 life insurance policy which she elects...
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Transcribed Image Text:Theresita Guadalupe insured his life with an insurance company. Under the contract, she will pay
a monthly premium of P2,000 for 10 years. In case of death before the 10th year, his beneficiary
will receive an indemnification in the amount of P150,000. If he is still living on the 10th year, he
will receive the face value of P500,000.
If Theresita Guadalupe dies on the 5th year, his beneficiary will report an income of: *
O P500,000
O 150,000
O 260,000
O Exempt
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