Deductions from Gross Income Classify the items for deduction in the following scenarios. 3. A Domestic Corporation has the following data on income and expenses: Gross business income Deductions including SSS and PhilHealth contributions of P150,000 Contributions to the government for priority project in education Contributions to foreign private foundation Contributions to domestic charitable organization Compute for the deductible charitable and other contributions. P 6,200,000 2,500,000 100,000 100,000 190,000
Deductions from Gross Income Classify the items for deduction in the following scenarios. 3. A Domestic Corporation has the following data on income and expenses: Gross business income Deductions including SSS and PhilHealth contributions of P150,000 Contributions to the government for priority project in education Contributions to foreign private foundation Contributions to domestic charitable organization Compute for the deductible charitable and other contributions. P 6,200,000 2,500,000 100,000 100,000 190,000
Chapter23: Exempt Entities
Section: Chapter Questions
Problem 17P
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![Deductions from Gross Income
Classify the items for deduction in the following scenarios.
3. A Domestic Corporation has the following data on income and expenses:
Gross business income
Deductions including SSS and PhilHealth contributions of P150,000
Contributions to the government for priority project in education
Contributions to foreign private foundation
Contributions to domestic charitable organization
Compute for the deductible charitable and other contributions.
P 6,200,000
2,500,000
100,000
100,000
190,000
3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffc5c155c-cc45-445a-a43b-22c00e08f4e4%2Ff31070f4-fca3-41ae-949f-f4e8d5e304fa%2Fig6enhf_processed.png&w=3840&q=75)
Transcribed Image Text:Deductions from Gross Income
Classify the items for deduction in the following scenarios.
3. A Domestic Corporation has the following data on income and expenses:
Gross business income
Deductions including SSS and PhilHealth contributions of P150,000
Contributions to the government for priority project in education
Contributions to foreign private foundation
Contributions to domestic charitable organization
Compute for the deductible charitable and other contributions.
P 6,200,000
2,500,000
100,000
100,000
190,000
3
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