based on philippines tax problem 1 Noah had the following…

Question Answered step-by-step based on philippines tax problem 1 Noah had the following… based on philippines taxproblem 1Noah had the following transaction during the year:Noah is indebted to Emma in the amount of P750,000. When Noah trained Emma for intense tennis lesson for one month, Emma cancelled the indebtedness of Jack.Noah won a gold medal in Tennis sport in 2020 Olympics held in Japan. The Philippine government granted P1,000,000 as prize money for his achievement.Noah received P550,000 from Ava as payment for the interest of P50,000 and the principal amount of the loan.How much of the above is subject to income tax? problem 2Mr. Bruce outlived his life insurance policy. He then surrenders the policy and receives a cash surrender value of P800,000 after contributing P700,000 in annual premiums. How much should be excluded from gross income? Law Social Science Tax law Share QuestionEmailCopy link Comments (0)