Pedro, single received the following during the taxable year: Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years P2,000,000 Proceeds of his mother's life insurance paid at an annual premium of P10,000 within 20 years 1,000,0000 House and lot inherited from his mother 4,000,000 Rent income from inherited properties 200,000 For income tax purposes, how much of the above items must be included in his gross income? a. P7,200,000 c. P200,000 b P1.200.000 d P1.825.000

Pedro, single received the following during the taxable year: Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years P2,000,000 Proceeds of his mother's life insurance paid at an annual premium of P10,000 within 20 years 1,000,0000 House and lot inherited from his mother 4,000,000 Rent income from inherited properties 200,000 For income tax purposes, how much of the above items must be included in his gross income? a. P7,200,000 c. P200,000 b P1.200.000 d P1.825.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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