1. Mr Asta, resident citizen, revealed the following data for 2019: Gross income from business is P 800,000 Business expenses allowed for deduction is P 600,000 (excluding contributions) Charitable contributions: To Govt for priority activities of P 50,000 To Govt for public purposes (not priority) of P 60,000 To church of P 15,000 What is the taxable net income?

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
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1. Mr Asta, resident citizen, revealed the following data for 2019:
Gross income from business is P 800,000
Business expenses allowed for deduction is P 600,000 (excluding contributions)
Charitable contributions:
To Govt for priority activities of P 50,000
To Govt for public purposes (not priority) of P 60,000
To church of P 15,000
What is the taxable net income?
Transcribed Image Text:1. Mr Asta, resident citizen, revealed the following data for 2019: Gross income from business is P 800,000 Business expenses allowed for deduction is P 600,000 (excluding contributions) Charitable contributions: To Govt for priority activities of P 50,000 To Govt for public purposes (not priority) of P 60,000 To church of P 15,000 What is the taxable net income?
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