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What is the total allowable deductions of Mr July

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Question - The tax law in the Philippines is used.

July is a resident citizen engaged in trading. Aside from the gross receipts of 1,000,000 in 2018, he received 10,000 from bank deposit. Of the total allowable deductions of 250,000, 50,000 is for interest expense.

What is the total allowable deductions of Mr. July?

What is his net taxable income?

Reference no: EM132595133

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