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How much of donation shall be allowed as a deduction

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Reference no: EM132905633

Charitable and Other Contributions. A resident citizen practicing his profession donated gifts worth P 60,000 to Home for the Angels, a non-stock, non-profit corporation. The taxpayer's gross income for the taxable year was P 2,000,000 while deductions totaled P 1,500,000 excluding the donation.

Problem 1: How much of his donation shall be allowed as a deduction from gross income?

Reference no: EM132905633

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