Problem Set - Exclusions From Gross Income: Directal 7520,000
Problem Set - Exclusions From Gross Income: Directal 7520,000
Problem Set - Exclusions From Gross Income: Directal 7520,000
Joey is insured in a P 5,000,000 life insurance policy. The policy requires annual premium payments of P 100,000
for 10 years. If Joey outlives the policy after the 10 years, he will be paid a P 1,500,000 maturity value. Compute
for the exclusions from gross income for each independent situation:
a. Joey has died on the 8th year of coverage and his heirs received P 5,000,000 proceeds. F5,000,000 =>
b. Joey’s insurance company asked for an extension of payment of proceeds and will pay P 5,200,000.
-
c. Joey outlived the policy and collected the maturity value of P 1,500,000.
-
d. Joey assigned the policy to Chandler for P 500,000 after 4 years of paying annual premium payments.
Phoebe Company secured a fire insurance covering the half of its commercial building for P 600,000. The building
was destroyed by fire when the current value of the building was P 2,000,000. The company recovered the
insurance proceeds in full. Determine the exclusion from gross income.
Ross was hit by a taxi. He paid P 70,000 for hospitalization expenses. The court awarded him a total indemnity
of P 600,000 after he sued the taxi driver. The breakdown is as follows:
>directal for injury
Moral damages P o
450,000
Reimbursement of hospital bills - 7520,000
70,000
Lost salary 80,000
↳ inclusion in al
Rachel has a gross compensation of P 500,000 in 2022. His employer deducted the following from his income:
-
50," 000)
SSS Contributions P 15,000
0
=
Monica has a restaurant with total assets of P 3,500,000 inclusive of a lot with book value of P 1,000,000. The
following are her transactions for the year:
a) F5,000,000
b) Return of premiu
taxable
-
Return premium
of 1,000,000
ROC
-
500,000
I - -
d) Total Proceeds
premium
#
Return of
ROC
Problem 2
Di
-
Return of
Premium 1,000,000
ROC
#000-
Problem 3
450,000
damages
#
moral
20
Problem 4
500,000
2022:
(15,000) 44,508
(12,000) *458,000
=
44,500
- 190,000)
-
-
(9,000) 0
↳
(6,000) Walang babayaram
Problem 5
Gross Income -
*
265,000