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How much is the allowable special itemized deduction

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Reference no: EM132970022

Tamayo Lim Caiga Manuel and Associates, a partnership of lawyers, renders 500 hours of pro bono legal assistance to indigent litigants. The 500 hours do not include the 60 hours mandatory legal aid required by Supreme Court. The partnership charges P10,000 per hour to paying clients. The partnership's gross income during the year amounts to P80,000,000.

Problem 1: How much is the allowable special itemized deduction that the firm can deduct from its gross professional fees?

Reference no: EM132970022

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