Vladimir received his compensation for his work in London amounting to P100,000.00. In order to obtain that, he spent P32,000.00 for his living expense. Considering that his income is derived from compensation, is the P32,000.00 personal expenses be deducted? Group of answer choices Yes, just because. No, no jurisdiction. Yes, it is a necessary and ordinary expense. No, deductions are not allowed for compensation income earner.
Vladimir received his compensation for his work in London amounting to P100,000.00. In order to obtain that, he spent P32,000.00 for his living expense. Considering that his income is derived from compensation, is the P32,000.00 personal expenses be deducted? Group of answer choices Yes, just because. No, no jurisdiction. Yes, it is a necessary and ordinary expense. No, deductions are not allowed for compensation income earner.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Vladimir received his compensation for his work in London amounting to P100,000.00. In order to obtain that, he spent P32,000.00 for his living expense. Considering that his income is derived from compensation, is the P32,000.00 personal expenses be deducted?
Group of answer choices
Yes, just because.
No, no jurisdiction.
Yes, it is a necessary and ordinary expense.
No, deductions are not allowed for compensation income earner.
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