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In 2010, Juliet Ulbod earned P500,000.00 as income from her beauty parlor and received P250,000.00 as Christmas gift from her spinster aunt. She had…

2011 Bar Exam · Taxation Law · Question 25 · Multiple choice

The question

In 2010, Juliet Ulbod earned P500,000.00 as income from her beauty parlor and received P250,000.00 as Christmas gift from her spinster aunt. She had no other receipts for the year. She spent P150,000.00 for the operation of her beauty parlor. For tax purposes, her gross income for 2010 is: (2011 Bar Question)

  1. A.P750,000.00.
  2. B.P500,000.00.
  3. C.P350,000.00.
  4. D.P600,000.00.

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