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Mr. Vhong Navarro was injured in a vehicular accident in 2019. He incurred and paid medical expenses of P40,000 and legal fees of P20,000 during

Mr. Vhong Navarro was injured in a vehicular accident in 2019. He incurred and paid medical expenses of P40,000 and legal fees of P20,000 during the year. In 2020, he received P140,000 as settlement from the insurance company which insured the car owned by the other party involved in the accident. From the above payments and transactions, how much is the taxable income to Mr. Vhong Navarro?

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