X, an architect, owes Y, a businessman, P250,000. The latter engaged the services of the former to remodel his house. The value of the services rendered amounted to P250,000. Subsequently, Y cancelled the debt of X. How much is the taxable income of X from the foregoing transactions? a. PO b. P230,000 c. P250,000 d. P275,000

X, an architect, owes Y, a businessman, P250,000. The latter engaged the services of the former to remodel his house. The value of the services rendered amounted to P250,000. Subsequently, Y cancelled the debt of X. How much is the taxable income of X from the foregoing transactions? a. PO b. P230,000 c. P250,000 d. P275,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 3DQ

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