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how much is the gross taxable income of Mr. Santos? Mr. J. Cruz insured his life with his estate as beneficiary. In 2009, after
how much is the gross taxable income of Mr. Santos? Mr. J. Cruz insured his life with his estate as beneficiary. In 2009, after Mr. Cruz had paid P65,000 premiums, he assigned the policy to Mr. S. Santos for P60,000, and Mr. Santos collected the total proceeds P200.000. Mr. Santos, after the assignment, and before Mr. Cruz's death, paid total premiums of P80,000.
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To calculate the taxable amount of the proceeds collected by Mr Santos we need to determine the gain ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
