In 2020, Juliet Ulbod earned P500,000.00 as income from her beauty parlor and received P250,000.00 as Christmas gift from her spinster aunt. She had no other receipts for the year. She spent P150,000.00 for the operation of her beauty parlor. For tax purposes, her gross income for 2020 is (A) P750,000.00. (B) P500,000.00. (C) P350,000.00. (D) P600,000.00.
In 2020, Juliet Ulbod earned P500,000.00 as income from her beauty parlor and received P250,000.00 as Christmas gift from her spinster aunt. She had no other receipts for the year. She spent P150,000.00 for the operation of her beauty parlor. For tax purposes, her gross income for 2020 is (A) P750,000.00. (B) P500,000.00. (C) P350,000.00. (D) P600,000.00.
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 35P
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In 2020, Juliet Ulbod earned P500,000.00 as income from her beauty parlor and received P250,000.00 as Christmas gift from her spinster aunt. She had no other receipts for the year. She spent P150,000.00 for the operation of her beauty parlor. For tax purposes, her gross income for 2020 is
(A) P750,000.00.
(B) P500,000.00.
(C) P350,000.00.
(D) P600,000.00.
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