Joshua was sideswiped by Vernon in a vehicular accident on June 1, 2022. Consequently, he incurred and paid medical expenses of PHP 400,000 and legal fees of PHP 200,000 during the year. During the following month, he accepted the settlement offered by Vernon amounting to PHP 800,000. How much is the amount of income taxable to Joshua in 2022

Joshua was sideswiped by Vernon in a vehicular accident on June 1, 2022. Consequently, he incurred and paid medical expenses of PHP 400,000 and legal fees of PHP 200,000 during the year. During the following month, he accepted the settlement offered by Vernon amounting to PHP 800,000. How much is the amount of income taxable to Joshua in 2022

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 24CE

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