1 Anna is insured by her employer corporation for P1,000,000 with the employer-corporation as the beneficiary. Anna subsequently died, and the corporation collected the P1,000,000 proceeds.

How much is the amount excluded from the gross income of the corporation?  

2 ABC Company secured a fire insurance covering the entire P3,000,000 fair value of its office building. The building was completely destroyed by fire when the depreciated cost (tax basis) of the building was P2,500,000. ABC Company recovered the P3,000,000 insurance proceeds. 2) How much is the income exempt?

 How much is the taxable income?  

Answer rating: 100% (QA)

1 They do not have to pay the tax on the insurance money b... View the full answer