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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

Selene Santos, a resident Filipino, wins PHP 350,000 cash prize in a nationwide private contest conducted by a private corporation. In the same year, she earns PHP 460,000 as salary from her employer. Which of the following statements best describes the tax treatment of these amounts under the NIRC?

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Prizes are included in gross income, but if won by an employee of the organizer, the prize is exempt. The prize's FMV is included in gross income, but the FMV is deductible from income tax as a business expense. Both the prize and the salary are included in gross income; the prize is included in gross income by virtue of prize-winnings and taxed at ordinary rates; the salary is likewise taxed. In-kind prizes are not included in gross income; only cash prizes are included.

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