Mr. Philip collected the P1,000,000 insurance proceeds of Mr. Gerald which he bought from the latter for P400,000. Before the death of Mr. Gerald, Mr. Philip paid total premiums of P200,000. Determine respectively the exclusion in gross income and the inclusion in gross income a. 1,000,000; 0 b. 0; 1,000,000 c. 400,000; 600,000 d. 600,000; 400,000

Mr. Philip collected the P1,000,000 insurance proceeds of Mr. Gerald which he bought from the latter for P400,000. Before the death of Mr. Gerald, Mr. Philip paid total premiums of P200,000. Determine respectively the exclusion in gross income and the inclusion in gross income a. 1,000,000; 0 b. 0; 1,000,000 c. 400,000; 600,000 d. 600,000; 400,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 24CE

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