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Shell Philippines, a multinational company, has a total gross income for a particular year of P5,000,000. The taxable income after taking all deductions except for

Shell Philippines, a multinational company, has a total gross income for a particular year of P5,000,000. The taxable income after taking all deductions except for depletion is P850,000. What is the allowable depletion allowance for that particular year? Take percentage of gross income for oil as 23%.

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