Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund donations in cash and in-kind amounting to Php100M. He spent a total of Php75M for campaign related expenses.

Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund donations in cash and in-kind amounting to Php100M. He spent a total of Php75M for campaign related expenses.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 35P

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Assume that the excess funds were kept by Mr. Lim, how much is the total tax due of Mr. Lim for the taxable year 2019?

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