Reference no: EM132706223
Question - Mr. velasco, a national athlete received the following during the year:
Ramon Magsaysay award P50,000
Athlete of the year award 100,000
Prize- Jolibee raffle 5,000
Prize for winning the silver Olympic medal 500,000
Gift from mr. Alfred Lim 250,000
Car from Nissan as a gift 1,000,000
Winnings- Philippine sweepstake 100,000
Gambling winnings 500,000
Required - Compute the total winnings/awards and prizes not subject to income tax?
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