Trade receivables have a carrying amount of P4,000. The related revenue has already been included in taxable profit (tax loss). How much is the tax base of the asset? The tax rate is 40%.

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter6: Accounting For Financial Management
Section: Chapter Questions
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Trade receivables have a carrying amount of P4,000. The related revenue has already been included in taxable profit (tax loss). How much is the tax base of the asset? The tax rate is 40%.
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