The records of the taxpayer show the following:Gross incomeP500,00050,000Capital gainAllowable operating expenses200,00030,000Capital loss60,000Loss on business assets90.000NOLCO (from last year)How much shall form part of the ordinary allowable itemized deductions from grossincome?O P200,000O P260,000P290,000O P380,000

Deductions are the amount of money which has been allowed by the tax authority through which the…

Answered: How much shall form part of the…

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How much shall form part of the ordinary allowable itemized deductions from gross income?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 9DQ

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Question

The records of the taxpayer show the following:
Gross income
P500,000
50,000
Capital gain
Allowable operating expenses
200,000
30,000
Capital loss
60,000
Loss on business assets
90.000
NOLCO (from last year)
How much shall form part of the ordinary allowable itemized deductions from gross
income?
O P200,000
O P260,000
P290,000
O P380,000

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