Nicanor, single, received the following in 2022: Proceeds of his life insurance paid at annual premium of P 15,000 within 25 years (outlived the policy) P 2,000,000 Proceeds of Inday’s (Mother of Nicanor) life insurance paid at an annual premium of P 10,000 within 20 years 1,000,000 House and lot from inherited properties 4,000,000 Rent income from inherited properties 200,000 For income tax purposes, how much of the above items must be excluded from Nicanor’s gross income? Group of answer choices b. 4,000,000 a. 7,000,000 d. 5,000,000 c. 6,000,000
Nicanor, single, received the following in 2022: Proceeds of his life insurance paid at annual premium of P 15,000 within 25 years (outlived the policy) P 2,000,000 Proceeds of Inday’s (Mother of Nicanor) life insurance paid at an annual premium of P 10,000 within 20 years 1,000,000 House and lot from inherited properties 4,000,000 Rent income from inherited properties 200,000 For income tax purposes, how much of the above items must be excluded from Nicanor’s gross income? Group of answer choices b. 4,000,000 a. 7,000,000 d. 5,000,000 c. 6,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
64. Nicanor, single, received the following in 2022:
|
Proceeds of his life insurance paid at annual premium of P 15,000 within 25 years (outlived the policy) |
P 2,000,000 |
|
Proceeds of Inday’s (Mother of Nicanor) life insurance paid at an annual premium of P 10,000 within 20 years |
1,000,000 |
|
House and lot from inherited properties |
4,000,000 |
|
Rent income from inherited properties |
200,000 |
For income tax purposes, how much of the above items must be excluded from Nicanor’s gross income?
Group of answer choices
b. 4,000,000
a. 7,000,000
d. 5,000,000
c. 6,000,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education