1. Which of the following is not deductible from gross income? a. Transportation expense from the main office to the branch b. Transportation expense from home to the office and from the office back to home c. Travel expenses on business trips d. Travel expenses while away from home in the pursuit of trade, business or profession.
1. Which of the following is not deductible from gross income? a. Transportation expense from the main office to the branch b. Transportation expense from home to the office and from the office back to home c. Travel expenses on business trips d. Travel expenses while away from home in the pursuit of trade, business or profession.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Which of the following is not deductible from gross income?
a. Transportation expense from the main office to the branch
b. Transportation expense from home to the office and from the office back to home
c. Travel expenses on business trips
d. Travel expenses while away from home in the pursuit of trade, business or profession.
2. Examples of taxes that are deductible except:
a. Occupation tax
b. Privilege tax
c. Documentary stamp tax
d. Philippine income tax
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