Patrick was injured in a vehicular accident in 2018. He incurred and paid medical expenses of P10,000 and legal fees of P5,000 during that year. In 2016, he recovered P35,000 as settlement from the insurance company which insured the car owned by the other party involved in the accident. The taxable income in 2019 is a. 20,000 b. 30,000 c. 0 d. 25,000
Patrick was injured in a vehicular accident in 2018. He incurred and paid medical expenses of P10,000 and legal fees of P5,000 during that year. In 2016, he recovered P35,000 as settlement from the insurance company which insured the car owned by the other party involved in the accident. The taxable income in 2019 is a. 20,000 b. 30,000 c. 0 d. 25,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Patrick was injured in a vehicular accident in 2018. He incurred and paid
medical expenses of P10,000 and legal fees of P5,000 during that year. In 2016,
he recovered P35,000 as settlement from the insurance company which insured
the car owned by the other party involved in the accident. The taxable income in
2019 is
a. 20,000
b. 30,000
c. 0
d. 25,000
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