Andrew negotiated a P1,500,000 non-interest bearing promissory note to Candy. Candy paid Andrew P1,400,000. On due date, Andrew paid
Candy P1,500,000. Which is true?---Candy earned P100,000 return on capital
Ms. Lucena was insured under the endowment policy with a value of P500,000. Total premiums paid by her during the term of premium
payments on the policy was P490,000 from which there was a return of premiums of P40,000. At the maturity of the policy, Mrs. Lucena
received P500,000. The taxable income of Mrs. Lucena under the policy is---50,000
500,000-(490,000-40,000)=50,000
Mr. Monte was injured in vehicular accident in 2018. He incurred and paid medical expenses of P20,000 and legal fees of P10,000 during the
year. In 2019, he received P70,000 as settlement from the insurance company which insured the car owned by the other party involved in the
accident. From the above payments and transactions, the amount of taxable income of Mr. Monte in 2019 is---0