Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 02, 2023

Mr. Santiago purchased a life annuity for P100,000 which would pay him P10,000 a year. The life expectancy of Mr. Santiago was 12 years. What

Mr. Santiago purchased a life annuity for P100,000 which would pay him P10,000 a year. The life expectancy of Mr. Santiago was 12 years.

What of the would Mr.Santiago be able to exclude from his gross income?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The exclusion from gross income for a life annuity is calculated based on the exclusio... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting and Reporting a Global Perspective

Authors: Michel Lebas, Herve Stolowy, Yuan Ding

4th edition

978-1408066621, 1408066629, 1408076861, 978-1408076866

More Books

Students also viewed these Accounting questions

Question

★★★★★

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...

Answered: 1 week ago

Question

★★★★★

1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...

Answered: 1 week ago

Question

★★★★★

A bakery with a December 31 st year end purchased new equipment on October 31 st 2000 for $10,000. This was their first equipment purchase. Required: What are the tax consequences if the equipment is...

Answered: 1 week ago

Question

★★★★★

Develop a data type ResizingArrayQueueOfStrings that implements a queue with a fixed-length array in such a way that all operations take constant time. Then, extend your implementation to use a...

Answered: 1 week ago

Question

★★★★★

Comparative data on three companies in the same service industry are given below: Required: 1. What advantages are there to breaking down the ROI computation into two separate elements, margin and...

Answered: 1 week ago

Question

★★★★★

Identify the research scenario, including the relevant predictor variable and criterion variable. Develop a hypothetical research scenario that would necessitate the use of a Predictive Design. The...

Answered: 1 week ago

Question

★★★★★

=+Regression 9808.23 5 1961.65 46.8 Residual 2598.64 62 41.9135 Variable Coeff SE(Coeff) t-ratio P-value Intercept 139.104 16.69 8.33 60.0001 HiWay MPH -1.07347 0.2474 -4.34 60.0001 Arterial MPH...

Answered: 1 week ago

Question

★★★★★

The account balances of Wilford Towing Service at June 30, 2016, follow Equipment...........$ 17,500 Office Supplies ........... 1,300 Notes Payable........... 6,900 Rent Expense........... 800...

Answered: 1 week ago

Question

★★★★★

y cms Google Imported From IE wanada nting Updates > Yahoo cions Question 5 View Policies Show Attempt History Current Attempt in Progress ences rations LUS Crane Co. has the following notes...

Answered: 1 week ago

Question

★★★★★

A mail-order catalog business that sells personal computer supplies, software, and hardware maintains a centralized warehouse for the distribution of products ordered. Management is currently...

Answered: 1 week ago

Question

★★★★★

Yuan Inc. has a large piece of machinery, and management has determined there is potential impairment. This piece of machinery has independent cash inflows. The following information relates to the...

Answered: 1 week ago

Question

★★★★★

1. Five warehouses are supplied by four factories. The supply available from each factory, the demand at each warehouse and the cost per unit of transporting goods from the factories to the...

Answered: 1 week ago

Question

★★★★★

The data set shows the January 1 noon temperatures in degrees Fahrenheit for a particular city in each of the past 6 years. 28 34 27 42 52 15 (a) What is the five-number summary of the data set? (b)...

Answered: 1 week ago

Question

★★★★★

Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier. Management identified two cost drivers for budgeting purposes-the number of cruises and the number of...

Answered: 1 week ago

Question

★★★★★

Ayayai Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2024, Ayayai Company reports the following: Sales on account...

Answered: 1 week ago

Question

★★★★★

Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending...

Answered: 1 week ago

Question

★★★★★

Sites like Zillow get input about house prices from a database and provide nice summaries for readers. Write a program with two inputs, current price and last month's price ( both integers ) . Then,...

Answered: 1 week ago

Question

★★★★★

Determine the resultant moment produced by the forces about point O. 0.25 m 0.125 m, 0 0.3 m- 60 F = 500 N F = 600 N

Answered: 1 week ago

Question

★★★★★

WPP is a UK group, engaged in the provision of communications services on a national, multinational and global basis. The company is organized into four segments: Advertising and Media Investment...

Answered: 1 week ago

Question

★★★★★

Multiple Choice Question Select the right answer (only one possible answer unless otherwise stated). 1 Which category (ies) of transactions and events is (are) specified in IAS 18 rules guiding the...

Answered: 1 week ago

Question

★★★★★

Corelli Company provides below a listing (in alphabetical order) of all the accounts it uses (far left column). For each line you are provided five choices of families of accounts to which the...

Answered: 1 week ago

Question

★★★★★

Classify the effect of each of the following as (i) a decrease in the demand for fish or (ii) a decrease in the quantity of fish demanded. Illustrate each diagrammatically. a. The government of...

Answered: 1 week ago

Question

★★★★★

Fill in the blanks to complete the statements about a supply-and-demand model, as applied in the following situations. a. Consider the market for cement in Toronto. If, ceteris paribus, half the...

Answered: 1 week ago

Question

★★★★★

Economists sometimes make each of the following assumptions when they construct models. Discuss some situations in which each of these assumptions might be a useful simplification in order to think...

Answered: 1 week ago

Previous Question Next Question