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
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 22CE: Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary....
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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
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