A resident citizen taxpayer engaged in farming incurred the following losses: Taxes and licenses 45,000 Special assessment 50,000 Stock transaction tax 20,000 Income tax due 2018 800,000 Interest income (net) From trade notes receivable 61,200 76,500 From bank deposits - FCDU From long-term deposit - Pre-terminated after 3 years Local taxes including interest of P5,000 Municipal tax 79,200 20,000 50,000 Interest expense on income tax assessment Deficiency income tax Interest expense on bank loan 25,000 500,000 250,000 How much is the total deductible taxes? Answer: A resident citizen taxpayer engaged in farming incurred the following losses: Taxes and licenses 45,000 Special assessment 50,000 Stock transaction tax 20,000 Income tax due 2018 800,000 Interest income (net) From trade notes receivable 61,200 76,500 From bank deposits - FCDU From long-term deposit - Pre-terminated after 3 years Local taxes including interest of P5,000 Municipal tax 79,200 20,000 50,000 Interest expense on income tax assessment Deficiency income tax Interest expense on bank loan 25,000 500,000 250,000 How much is the total deductible taxes