Santa Maria College, Inc. a proprietary educational institution, spent P 20,000,000 for the construction of a new school building. The estimated useful life of the building is 50 years. The 20,000,000 spent by the proprietary educational institution, choose the best answer: Od. Capitalized and expensed outright at the option of the Bureau of Internal Revenue. Oc Capitalized or expensed outright at the option of Santa Maria College, Inc. O a. Must be claimed as expense in the year of completion. O b. Capitalize and claim annual depreciation over the 50 years.

Santa Maria College, Inc. a proprietary educational institution, spent P 20,000,000 for the construction of a new school building. The estimated useful life of the building is 50 years. The 20,000,000 spent by the proprietary educational institution, choose the best answer: Od. Capitalized and expensed outright at the option of the Bureau of Internal Revenue. Oc Capitalized or expensed outright at the option of Santa Maria College, Inc. O a. Must be claimed as expense in the year of completion. O b. Capitalize and claim annual depreciation over the 50 years.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter14: Property Transact Ions: Capital Gains And Losses, § 1231, And Recapture Provisions

Section: Chapter Questions

Problem 76P

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