p.s please use the Philippine Tax Law

Question 1 Not yet answered Marked out of 1.00 p Flag question Which is a deductible business expense? Select one: Rental of taxpayer's domicile Interest on personal borrowings Salary of kasambahays Selling commission to agents Question 2 Not yet answered Marked out Flag gaction Which of the following cannot claim deductions from gross income despite actual engagement in business? Select one: Non-resident alien Resident citizen Resident alien Non-resident citizen Question 3 Not yet answered Marked out of 1.00 Flag question The cost of land is deductible in the year of sale. Select one: True False Question 4 Not yet answered Marked out of 1,00 Flag question Repairs that increase the useful life of an asset is expensed. Select one: True False False Question 5 Not yet answered Mad out of Past yestion Spartan Corporation had office supplies valued at P40,000 on January 1, 2020. At nthe end of the first calendar quarter, it had P80,000 worth of office supplies. Total supplies purchased were P250,000 during the period. Compute the supplies expense to be deducted during the first quarter. Select one: P210,000 P290,000 P250,000 P280,000 Notes Moutofi. Question 6 platan On September 30, 2020, a taxpayer borrowed P5,000,000 at 10% annual interest to finance his acquisition of a luxury car. Compute the deductible expense in 2020. Select one: PO P500,000 P125,000 Cannot be computed Question 7 Not yet answered Marked out of 1.00 Flag question Only cash basis of accounting is allowed for tax purposes. Select one: True False Question 8 Not yet answered Maried out of 1.00 los question A taxpayer withheld a total of Php 30,000 5% creditable withholding tax on rentals. Compute the deductible rental expense. Select one: None of these. Php630,000 Php600,000 Php300,000 Question 9 Not yet answered Marked out of 1.00 Plaquestion The depreciation of the revaluation surplus is tax deductible expense. Select one: True False Not yet noswer Marked out of to Question 10 Flagalice As long as the expense is related to the generation of income, for whatever tax scheme, it is deductible against gross income subject to regular income tax. Select one: True False Question 1 Net weet Most of 1.00 Hagestion Which of the following can be deducted by a VAT taxpayer from his gross income for the computation of regular income tax? Select one: Donor's tax Philippine Income tax Interest on tax delinquency Value added tax Question 2 Started to Pestion Assume a taxpayer paid P250,000 interest expense on an business loan in 2020 and received net interest income of P48,000 from a deposit. How much is the deductible interest bexpense? Select one: P190,000 None of these P230,000 P250,000 Question 3 Not yet answered Marked out of 1.00 Psg question Salaries and wages of administrative employees are Select one: None of these. Deductible to the extent of taxable compensation on the part of the employee. Deductible in full Deductible subject to limitations. Question 4 Not yet verest Mardo 1.00 Plage B, Inc, contributed P250,000 for its pension fund inclusive of P100,000 current service cost. How much is the deductible pension expense? Select one: P100,000 P125,000 P115,000 P250,000 None of these Question 5 Not yet answered Marked out of 100 plag question Foreign taxes paid may be claimed as item of deduction subject to limitations. Select one: True False Marked out of 1.00 Flag question Question 6 Not yet answered An individual income taxpayer reported the following: Capital loss - current year: P50,000 Capital gain - current year: P120,000 Net capital loss - last year: P75,000 Net income - last year - P250,000 How much is the deductible capital loss for the current year? Capital gain - current year: P120,000 Net capital loss - last year: P75,000 Net income - last year - P250,000 How much is the deductible capital loss for the current year? Select one: P250,000 P50,000 None of these P120,000 P125,000 Question 7 My Cour Notret answered Start 1.00 A taxpayer with net sales of P2,000,000 and cost of sales of P1,800,000 incurred P8,500 entertainment, amusement and recreation expense. Compute the allowable deduction Select one: P8,500 PO None of these P20,000 P10,000 Not yet we Maked 1.00 ORD Question 8 For pension contributions, excess funding attributed to past service costs are amortized over 10 years, Select one: True False Question 9 Not yet answered Marked out of 1.00 Flag question Bad debt from personal receivables of a self-employed individuals are Select one: non-deductible business expense. deductible business expense. deductible bad debts expense only if actually written-off. none of these. Not yet werel Question 10 Festi Donations to all accredited non-government organizations are fully deductible. Marked out of 1.00 Select one: True False