Reference no: EM132860908

Problem - A resident alien sustained the following losses during the year.

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

Damage sustained by an insured vehicle in a collision 400,000

Vanous uncollectible customers account 80,000

Loss on the sale of domestic bonds 50,000

Loss on 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

Required - Determine the total amount of reportable losses in the income tax return.