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The following relates to a taxpayer: Interest expense on bank loan offset by P12,000 net interest income from the temporary deposit of the borrowed amount

The following relates to a taxpayer: Interest expense on bank loan offset by P12,000 net interest income from the temporary deposit of the borrowed amount the same bank amounting to P295,00. Interest income form bonds amounted to P80,000 Compute for the deductible interest expense P

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