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How much taxable income is realized by the association

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Reference no: EM133003457

A condominium homeowner's association collects dues from unit holders and remits the same to service providers on their behalf. Such dues include electricity, water, security, and maintenance. The association charges unit holders an additional 2% of their utility bills as service charge.

During the year, the association processed utility bills for unit holders totaling P5, 000,000.

Problem 1: How much taxable income is realized by the association?

Reference no: EM133003457

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