30. Alberto is insured in a P 1,000,000 life insurance policy with annual premium payments of P20,000 for 10 years. If Alberto outlives the policy after the 10th year, he will be paid P500,000 maturity value. Alberto died in the 8th year of coverage and his heirs collected the P1,000,000 proceeds. How much will be exempt from regular income tax * a. P840,000 O b. P 1,000,000 O c. P 500,000 d. 0
30. Alberto is insured in a P 1,000,000 life insurance policy with annual premium payments of P20,000 for 10 years. If Alberto outlives the policy after the 10th year, he will be paid P500,000 maturity value. Alberto died in the 8th year of coverage and his heirs collected the P1,000,000 proceeds. How much will be exempt from regular income tax * a. P840,000 O b. P 1,000,000 O c. P 500,000 d. 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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