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How much will be included in the gross income? How much is the total amount to be excluded in gross income? Mr. Anthony was

How much will be included in the gross income?

How much is the total amount to be excluded in gross income?

Mr. Anthony was hurt in a bus accident. He received a total indemnity of P1,000,000 from the insurer of the bus. Mr. Anthony paid P550,000 in hospital bills due to the accident.

Mr. Francisco insured his crops for a P1,000,000 insurance cover against calamities. He paid and expensed P100,000 insurance premium.

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