Problem: A practicing professional, single, living with his parents, revealed the following data for 2018 taxable year. Income from Income from Particular Philippines Abroad Income from employment P180,000 P280,000 Business income 850,000 960,000 Deductible business expenses 610,000 730,000 Interest income on personal loan 6,000 3,000 Interest income on bank deposit 10,800 4,200 Interest income on money market 7,500 1,600 Dividend income from domestic co 5,700 0 Dividend income from foreign corp 6,800 2,000 Royalty income 90,000 50,000 Winnings/prizes from lotteries, raff 45,000 16,900 Prizes from singing contest 5,600 0 Lotto winnings 150,000 50,000 Royalty income from sale of books 68,000 0