Deductions from Gross Income
CHAPTER 8
DEDUCTIONS FROM GROSS INCOME
Problem 8 – 1 DEDUCTIBLE OR NONDEDUCTIBLE FROM GROSS INCOME
|1. Deductible |11. Nondeductible |
|2. Nondeductible |12. Deductible |
|3. Nondeductible |13. Deductible |
|4. Deductible, in lieu of tax credit (Sec. 34C3, NIRC) |14. Deductible |
|5. Deductible |15. Nondeductible |
|6. Nondeductible |16. Nondeductible |
|7. Nondeductible |17. Nondeductible |
|8. Deductible |18. Deductible |
|9. Deductible |19. Deductible |
|10. Nondeductible |20. Deductible |
Problem 8 – 2 TRUE OR FALSE
1. True 2. True 3. False – Business expenses related to business income outside the Philippines is deductible also. 4. False – Business expense is deductible from gross income. 5. True 6. True 7. True – Once OSD is opted, no capital loss could be deducted from capital gain. 8. False – Some business expenses are nondeductible or subject to limit. 9. False – Income outside the Philippines by a NRC is not taxable in the Philippines, hence, no allowable deduction is
DEDUCTIONS FROM GROSS INCOME
Problem 8 – 1 DEDUCTIBLE OR NONDEDUCTIBLE FROM GROSS INCOME
|1. Deductible |11. Nondeductible |
|2. Nondeductible |12. Deductible |
|3. Nondeductible |13. Deductible |
|4. Deductible, in lieu of tax credit (Sec. 34C3, NIRC) |14. Deductible |
|5. Deductible |15. Nondeductible |
|6. Nondeductible |16. Nondeductible |
|7. Nondeductible |17. Nondeductible |
|8. Deductible |18. Deductible |
|9. Deductible |19. Deductible |
|10. Nondeductible |20. Deductible |
Problem 8 – 2 TRUE OR FALSE
1. True 2. True 3. False – Business expenses related to business income outside the Philippines is deductible also. 4. False – Business expense is deductible from gross income. 5. True 6. True 7. True – Once OSD is opted, no capital loss could be deducted from capital gain. 8. False – Some business expenses are nondeductible or subject to limit. 9. False – Income outside the Philippines by a NRC is not taxable in the Philippines, hence, no allowable deduction is