Determine the total amount of reportable losses

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Question - A resident alien sustained the following losses during the year:

Fire loss on his uninsured residence in Manila- 2,000,000

Damage sustain by an insured vehicle in a collision- 400,000

Various uncollectible customers account- 80,000

Loss on the sale of domestic bonds- 50,000

Loss on the sale of obsolete equipment and supplies- 120,000

Impairment loss on unsold inventories- 30,000

Value of uninsured machineries robbed in a Thailand branch- 300,000

Determine the total amount of reportable losses in the income tax return. Use the Philippine taxation system.

Reference no: EM132855335

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