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

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 30P

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