Benjie "Lolito" Sia is an amateur boxer. He is sent to compete in France by the Amateur Boxin Association of the Philippines (ABAP) and wins the gold medal after beating his opponent Eduardo "Smooth" Suave. He is awarded P500,000 by DLSAU Corp., a domestic Philippine Corporation. What is the tax consequence of the award received by Sia? * Subject to section 24 (a) O Subject to final tax O Not subject to income tax O Subject to amusement tax

Benjie "Lolito" Sia is an amateur boxer. He is sent to compete in France by the Amateur Boxin Association of the Philippines (ABAP) and wins the gold medal after beating his opponent Eduardo "Smooth" Suave. He is awarded P500,000 by DLSAU Corp., a domestic Philippine Corporation. What is the tax consequence of the award received by Sia? * Subject to section 24 (a) O Subject to final tax O Not subject to income tax O Subject to amusement tax

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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