1. Cost of land is deductible in the year of sale? a. True b. False...
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1. Cost of land is deductible in the year of sale? a. True b. False 2. Spartan Corporation had office supplies values at 40,000 on January1, 2020. At the end of the first calendar quarter it had 80,000 worth of office supplies. Total supplies purchased purchased were 250,000. What is the supplies expense to be deducted during the first quarter? a. 210,000 c. 250,000 b. 290,000 d. 280,000 3. On September 30,2020 a taxpayer borrowed at 10% annual interest to finance his acquisition of a luxury car. Compute the deductible expense in 2020. a. 0 c 125,000 b. 500,000 4. A taxpayer withheld a total of P30,000 5% creditable withholding tax on rentals. Compute the deductible rental expense. a. 630,000 c. 300,000 b. 600,000 5. The depreciation of the revaluation surplus is tax deductible expense. a. True b. False
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