Zuma Company incurred P175,000 of interest expense during the year. In the same year, final taxes amounting to P16,320 were withheld from interest earned by its bank deposits. How much is the deductible interest expense?
Zuma Company incurred P175,000 of interest expense during the year. In the same year, final taxes amounting to P16,320 were withheld from interest earned by its bank deposits. How much is the deductible interest expense?
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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Zuma Company incurred P175,000 of interest expense during the year. In the same year, final taxes amounting to P16,320 were withheld from interest earned by its bank deposits.
How much is the deductible interest expense?
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