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Please use the philippine tax system Net Operating Loss Carry-Over 16. A certain taxpayer who suffered losses in prior years had the following details of

Please use the philippine tax system

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Net Operating Loss Carry-Over 16. A certain taxpayer who suffered losses in prior years had the following details of operations: 2018 2019 2020 Sales P 2,000,000 P 2,500,000 P 4,000.000 Cost of sales 1,000,000 1,200,000 1,500,000 Ordinary deductions 1,200,000 1,200,000 1,200,000 Special deductions 300,000 200,000 200,000 NOLCO - 2017 100,000 NOLCO - 2016 150,000 Required: Compute the NOLCO and the taxable income in each year. 17. The following relates to a proprietorship business which started in 2018: . 2018 2019 2020 Sales P 2,000,000 P 2,500,000 P 4,000,000 Cost of sales 1,200,000 1,400,000 1,500,000 Ordinary deductions 1,200,000 1,200,000 1,200,000 Required: Compute the NOLCO and the taxable income in each year assuming 1. The business was sold to another proprietor at the start of 2019 2. The business was BOI-registered with graduated on its ITH at the end of 2018 18. An individual taxpayer reported a net operating income of P280,000 after the following: Net Operating Loss Carry Over - last year P 250,000 Net capital loss - current 80,000 Net capital loss - last year 70,000 Ordinary loss 50,000 Special deductions 40,000 Required: Compute the NOLCO deduction in the current taxable year

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