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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A resident Filipino, Paolo Santos, joins a nationwide private contest and wins PHP 200,000 in cash and, in the same year, a brand-new car valued at PHP 600,000. He also earns PHP 520,000 as salary from his employer. Which of the following statements best describes the tax treatment of these amounts under the NIRC?

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The PHP 200,000 cash prize and the PHP 520,000 salary are included; the PHP 600,000 car prize is exempt because it was awarded as a charitable grant. All three amounts—the PHP 200,000 cash prize, the PHP 600,000 car prize, and the PHP 520,000 salary—are included in gross income and subject to tax. Only the PHP 200,000 cash prize is included in gross income; the PHP 600,000 car prize is exempt because it is non-cash. Only the PHP 600,000 car prize is included in gross income; the cash prize is exempt because it is cash.

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