following is considered as gross income for taxation purposes: Proceeds of loan from a bank @ 7% interest per annum Basic salary Employee allowances and honoraria Indebtedness to employer which was cancelled by the latter because of their budding friendship Selling price of crops harvested for sale Costs and expenses incurred in relation to the harvested P90,000 300,000 20,000 50,000 400,000 crops 150,000 P710.000

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Q: None

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