ANSWER THIS BASE ON PHILIPPINE SETTING

REQUIREMENT :

1. Present a computation of the total itemized deduction.
2. In 2018, East Star, Inc. sold shares of stocks for P250,000. The shares, acquired in 2015 at a cost of P100,000, were held as investment, and were sold directly to a buyer. Present a computation of the capital gains tax due.

Sales 500,000.00 Interest Income, net of 20% final tax 24,000.00 Cost of Sales 300,000.00 Salaries Expense 120,000.00 Interest Expense 60,000.00 Rent Expense 24,000.00 Advertising Expense 6,000.00 Depreciation Expense 5,000.00 NOLCO 50,000.00