ose sued Mari for breach of promise to marry. Mari lost the duly paid the court's award that included, among others, P100,000 as moral damages for the mental anguish Jose suffered. Did Jose earn a taxable income? He had no taxable income because it was a donation. He had no taxable income since moral damages are compensatory. He had taxable income since he made a profit. He had a taxable income of P100,000 since income is income from whatev
ose sued Mari for breach of promise to marry. Mari lost the duly paid the court's award that included, among others, P100,000 as moral damages for the mental anguish Jose suffered. Did Jose earn a taxable income? He had no taxable income because it was a donation. He had no taxable income since moral damages are compensatory. He had taxable income since he made a profit. He had a taxable income of P100,000 since income is income from whatev
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 46P
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Jose sued Mari for breach of promise to marry. Mari lost the duly paid the court's award that included, among others, P100,000 as moral damages for the mental anguish Jose suffered. Did Jose earn a taxable income?
He had no taxable income because it was a donation.
He had no taxable income since moral damages are compensatory.
He had taxable income since he made a profit.
He had a taxable income of P100,000 since income is income from whatever source.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT