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How much is the taxable income

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Question - Amando took out a life insurance policy for P1,000,000.00 naming his wife as beneficiary. Under the terms of the policy, the insurer will pay Amando the amount of P1,000,000.00 after the 20th year of the policy, or his beneficiary, should he die before that date. Amando outlived the policy and received P1,000,000.00. The premiums paid on the policy was P250,000.00. How much is the taxable income?

Reference no: EM133078914

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