Piper Corp. had a taxable net income of P5,500,000 and total assets of P100 million. It had the following data on expenses for the taxable year. Salary expense, P1,200,000 Rent expense, P240,000 Advertising expense, P60,000 Depreciation expense, P50,000 Interest expense, P600,000 Interest income, net of 20% final tax, P240,000 How much is the regular itemized deductions?
Piper Corp. had a taxable net income of P5,500,000 and total assets of P100 million. It had the following data on expenses for the taxable year. Salary expense, P1,200,000 Rent expense, P240,000 Advertising expense, P60,000 Depreciation expense, P50,000 Interest expense, P600,000 Interest income, net of 20% final tax, P240,000 How much is the regular itemized deductions?
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 15DQ
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Question
Piper Corp. had a taxable net income of P5,500,000 and total assets of P100 million. It had the following data on expenses for the taxable year.
Salary expense, P1,200,000
Rent expense, P240,000
Advertising expense, P60,000
Depreciation expense, P50,000
Interest expense, P600,000
Interest income, net of 20% final tax, P240,000
How much is the regular itemized deductions?
Salary expense, P1,200,000
Rent expense, P240,000
Advertising expense, P60,000
Interest expense, P600,000
Interest income, net of 20% final tax, P240,000
How much is the regular itemized deductions?
CHOICES
P2,102,000
P2,090,000
P2,051,000
P2,150,000
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