How much is the deductible charitable contributions for taxation purposes?

Compute for the deductible depreciation expense for the taxable year.

How much is the total ordinary itemized deductions?

1. Megahertz manufacturing corporation owns and maintains the following for use in its business operations:

Vehicle	Cost	Salvage Value	Useful life
Yacht	P5,000,000	P500,000	30 years
Land motor vehicle for officer A	2,800,000	400,000	15 years
Land motor vehicle for officer B	1,500,000	200,000	10 years

 Omega Corporation (domestic) donated P500,000 to the government in 2021. It shows the following data for the year:

TOTAL GROSS INCOME	700,000
Less: Salaries expense	100,000
Advertising expense	10,000
Depreciation expense	15,000
Repairs and maintenance	5,000
Donation to the gov't	500,000
NET INCOME	70,000

. Mr. Sanchez, a sole proprietor, shows the following:

Sales	P800,000
Interest income, net of final tax	24,000
Cost of sales	300,000
Salary expense	120,000
Interest expense	60,000
Rent expense	24,000
Advertising expense	6,000
Depreciation expense	5,000
NOLCO	50,000

 

Answer rating: 100% (QA)

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