Lazaro saved the life of Cory and three others who met ä car accident Unintentionally, it was found out that Cory is a kidnap victim of the three men. Because of the assistance extended by Lazaro, Cory was saved and the kidnappers were arrested by police authorities. Consequently, Cory gave him P50,000. The remuneration received by Lazaro is: a. exempt from tax b. subject to income tax subject to donor's tax d. subject to 20% final tax C.
Lazaro saved the life of Cory and three others who met ä car accident Unintentionally, it was found out that Cory is a kidnap victim of the three men. Because of the assistance extended by Lazaro, Cory was saved and the kidnappers were arrested by police authorities. Consequently, Cory gave him P50,000. The remuneration received by Lazaro is: a. exempt from tax b. subject to income tax subject to donor's tax d. subject to 20% final tax C.
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 23CE
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