In 2021, Archibald Corporation incurred the following expenses in connection with the product of its business: P100,000 worth of plane tickets and hotel bills of its employees who were sent to business seminars; P200,000 transportation allowances of its officers from home to office and vice versa as part of their employment contract; P80,000 transportation expenses of messengers from office to several clients; P20,000 special assessment. Determine the allowable expenses that could be deducted by Archibald Corporation from its gross income.

In 2021, Archibald Corporation incurred the following expenses in connection with the product of its business: P100,000 worth of plane tickets and hotel bills of its employees who were sent to business seminars; P200,000 transportation allowances of its officers from home to office and vice versa as part of their employment contract; P80,000 transportation expenses of messengers from office to several clients; P20,000 special assessment. Determine the allowable expenses that could be deducted by Archibald Corporation from its gross income.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 30CE

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