In 2021. ABC Corp. borrowed money from the bank in the amount of Php 1 Million with an interest rate of 10%. ABC Corp. has interest income from bank deposits in the amount of Php 50,000.00 from which final tax was withheld. Assume ABC Corp's tax rate is 25% How much is the allowable interest expense?

In 2021. ABC Corp. borrowed money from the bank in the amount of Php 1 Million with an interest rate of 10%. ABC Corp. has interest income from bank deposits in the amount of Php 50,000.00 from which final tax was withheld. Assume ABC Corp's tax rate is 25% How much is the allowable interest expense?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

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