Reference no: EM133128372

Question - An accident solely attributable to the criminal negligence of the driver of Reckless Bus Company resulted in the death of Ricardo's wife, physical injury to Ricardo that prevented him from working for a month and the total wreck of his brand new car which he bought for P400,000.

In the action for damages filed by Ricardo against the Bus Company, the Court awarded the following:

For Ricardo's injury consisting mainly in the loss of his right arm P30,000

For the loss of one month salary 25,000

For the death of his wife 25,000

For moral damages on account of such loss 100,000

For the loss of his car the value of which doubled because of inflation 800,000

Required - How much was the taxable income of Ricardo?