Ventura was on his way to deliver merchandise ordered by his customer when another driver lost control over his truck and rammed it against the truck of Mr. Ventura. As a result, Ventura sustained...

Ventura was on his way to deliver merchandise ordered by his customer when another driver lost control over his truck and rammed it against the truck of Mr. Ventura. As a result, Ventura sustained injuries, his truck was severely damaged, and all the merchandise were destroyed. Negotiations with other party went smoothly and Mr. Ventura was paid the total amount of P3,150,000 for the following:




Repair and replacement of truck parts               P900,000


Total selling price of merchandise destroyed (at P1,000,000 cost)   1,700,000


Hospitalization and medical expenses for injuries sustained     300,000


Reimbursement for other expenses incurred in relation to the incident    250,000


Total                                                P3,150,000




How much of the above is gross income of Mr. Ventura for taxation purposes?