The following data were provided by a Domestic Corporation for 2020: Taxes and licenses Documentary stamp...

 

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The following data were provided by a Domestic Corporation for 2020: Taxes and licenses Documentary stamp taxes 40,000 2,000 Other percentage taxes 120,000 Refund of local business taxes paid in 2019 10,000 Income tax due for 2020 300,000 Refund of income tax for 2019 25,000 Interest income: From trade notes receivable From peso bank deposits From bank deposits abroad Interest expense on bank loan Tax assessment on underpayment of percentage taxes Surcharges on tax assessments Interest expense on tax assessments Determine the amount of deductible interest expense for 2020 (Train law). 100,000 120,000 20,000 150,000 75,000 25,000 12,500 The following data were provided by a Domestic Corporation for 2020: Taxes and licenses Documentary stamp taxes 40,000 2,000 Other percentage taxes 120,000 Refund of local business taxes paid in 2019 10,000 Income tax due for 2020 300,000 Refund of income tax for 2019 25,000 Interest income: From trade notes receivable From peso bank deposits From bank deposits abroad Interest expense on bank loan Tax assessment on underpayment of percentage taxes Surcharges on tax assessments Interest expense on tax assessments Determine the amount of deductible interest expense for 2020 (Train law). 100,000 120,000 20,000 150,000 75,000 25,000 12,500

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