1)Mr. Sigurista's car which he bought for P1,500,000 was totally wrecked in a car collision. Mr.Sigurista escaped unharmed. He was paid P2,000,000 for the accident. 

How much is the taxable income?  

2) In 2015, Bruno obtained a life insurance policy on his own life in the amount of P2,000,000 designating ½ of the policy to his wife, Perla as an irrevocable beneficiary. Bruno designated his son, Pedro as the revocable beneficiary for the remaining 50% of the policy. On September 2019, Bruno died and his wife and son went to the insurance company to collect the proceeds of the policy.

How much is the taxable income of his son?

Answer rating: 100% (QA)

Answer 1 The taxable income is ... View the full answer