Exclusions from Gross Income

The following were taken from the statement of comprehensive income of a domestic corporation for 2021 whose total assets excluding land is less than Php75,000,000: Sales Php 2,500,000 Cost of sales 1,500,000 Operating expenses (excluding bad debts) 500,000 Rental income (including Php50,000 security deposit) 300,000 Provision for bad debts 50,000 Provision for income tax 75,000 Additional information:

Accounts written off during 2021 Php 60,000 Recoveries in 2021 of accounts receivable Written-Off in 2020 (only Php10,000 Were recognized by the BIR as a Reduction for 2020 income 20,000 Refunds for various local taxes paid in 2020 (50% of the amount recovered were recognized by the BIR as a reduction for 2020 income) 30,000 Refunds for the overpayment of 2020 income tax 25,000 Refund for special assessment 12,000 Acquisition of real property to be used in business 1,000,000 (acquired from a shareholder) FMV Php 800,000 REQUIRED: 1. Taxable recovery of accounts receivable written off, 2. Taxable returns. 3. Income tax payable for 2021.