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1.A retailer of goods has gross sales of P1,000,000 with a cost of sales amounting to P800,000. Assuming that the taxpayer is an individual and
1.A retailer of goods has gross sales of P1,000,000 with a cost of sales amounting to P800,000. Assuming that the taxpayer is an individual and opted to claim optional standard deduction, how much is the taxable income?
a.P600,000 c. P120,000
b.P550,000 d. P80,000
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