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In 2020, Bongbong Jr. created two (2) trusts for his minor son, Chiz. During the year, the two trusts earned net income as follows: Trust 1: P4,000,000 Trust 2: P6,000,000 How much is the income tax due of Trust l? a. P1,244,000 b. Nil c. P1,263,440 d. PI,266,000 The correct answer is: P 244,000