1.On January 1, 2018, Logan's wife, Irma, died while giving birth to a child, but the child survived. Logan took care of the child bringing him wherever he was assigned. If Logan is a resident citizen, how much personal and additional exemptions could Logan avail of when he files his Income tax return for 2018 income?

2.Jose, the 70-year old widowed father of Rolando is earning P10,000.00 a month. As his income is barely enough just for medicines alone, Jose lives with and is dependent for his chief support upon Rolando who is single. How much basic personal and additional exemptions could Rolando claim when he files his income tax return?

3.Ellen insured the life of her father for P2 million paying a premium in the amount of P200,000.00. The term of the insurance was for 20 years. Part of the agreement was for Ellen to be paid P2 Million, in case her father survives the 20-year period. Supposing Ellen gets the P2 million, how much would be excluded from her gross income?

4.Mr. Borromeo is a citizen and resident of the Philippines who owns a piece of land and building in the Philippines that he acquired for P3 Million pesos, expenses of acquisition included. He sold this for a selling price, net of selling expenses of P2,800,000. The fair market value (after deducting selling expenses was P2,900,000. How much is the capital gains tax?

Answer rating: 100% (QA)

1 Logan could avail ZERO personal and additional exemptions UNDER TRAIN LAW 10963 personal and addit... View the full answer