Denver is a supervisory employee of Atlantis Corporation. He had the following items of gross income during the year Denver was paid P800,000 salaries Denver's P100,000 personal loan was paid by Atlantis Corp as reward for his excellent performance Denver's P50,000 advances to the company was paid by Atlantis' chief executive officer as a gift Denver is entitled to excess representation and transportation allowances. Denver received P200,000 total allowance out of which P120,000 was disbursed by him. Compute Denver's income subject to income tax. 

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Computation of total income Salary 8... View the full answer