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?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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