Bar Exam Review on Tax – Gross Income Tax

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

A. P750,000.00.
B. P500,000.00.
C. P350,000.00.
D. P600,000.00.

answer is letter B

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