Which of the following statements is true? Deductions are amounts allowed by the NIRC to be deducted from gross income to arrive at the income tax liability of the taxpayer. O The taxes which are deductible from gross income include the taxes, interest and penalties incident to tax delinquency. O Payments which constitute bribes, kickbacks, and others of similar nature which are necessary to realize a profit are allowed as deductions from gross income. O Losses from wagering transactions shall be allowed only up to the extent of the gains from such transactions.

Which of the following statements is true? Deductions are amounts allowed by the NIRC to be deducted from gross income to arrive at the income tax liability of the taxpayer. O The taxes which are deductible from gross income include the taxes, interest and penalties incident to tax delinquency. O Payments which constitute bribes, kickbacks, and others of similar nature which are necessary to realize a profit are allowed as deductions from gross income. O Losses from wagering transactions shall be allowed only up to the extent of the gains from such transactions.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter17: Tax Practice And Ethics

Section: Chapter Questions

Problem 3BCRQ

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