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What is the deductible interest expense? Problem 22. An individual taxpayer, classified as RC, had the following business income and expenses in 2021: P1,000,000 200,000
What is the deductible interest expense?
Problem 22. An individual taxpayer, classified as RC, had the following business income and expenses in 2021: P1,000,000 200,000 Gross Income from business Interest expense from business bank loan Interest expense from loan extended by the taxpayer's father (the loan was used by the business) Interest expense to finance petroleum operations Interest paid on deficiency income tax in 2019 Interest Income from peso deposits, net of tax Interest Income from FDCU, net of tax Interest Income from notes receivable Capitalized interest in the acquisition of PPE Other business expenses 10,000 2,000 1,000 80,000 85,000 100,000 5,000 500,000Step by Step Solution
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