The following are the requisites for the charitable and other contributionsto be deductible, except:Select one:a.The taxpayer giving charitable donations must be engaged in business, trade or exercise of professionb.Must be either for public or private purposec.There must be an actual contributions maded.The net income of the institution must not inure to the benefit of any individual or private stockholder

The following are the requisites for the tax expense to be deductible, except:Select one:a.It must be connected with the taxpayer's trade, business or professionb.It must be directly imposed upon the taxpayerc.It must be paid or incurred during the taxable yeard.All taxes paid are generally deductibleClear my choice

The following are the requisites for the interest expense to be deductible, except:Select one:a.The indebtedness must be connected with the taxpayer's trade, business or profession.b.The interest must have been paid or accrued during the taxable yearc.There is indebtedness may be entered either verbally or in writing.d.The indebtedness must be that of the taxpayer.Clear my choice

Donations made to the following institutions are deductible in full, except:Select one:a.Non-governmental organizations (NGOs)b.Accredited non-profit organizations recognized by the governmentc.Government of the Philippines or to any of its agencies or political subdivisions, including fully-owned government corporations exclusively to finance, to provide for or to be used in undertaking priority activities in: education, health, youth and sports development, human settlement, science and culture, economic developmentd.Donations for economic development shall be in accordance with the National Priority Plan determined by the National Economic Development Authority (NEDA)

Which is a requisite for donation given to qualified children on account of marriage to be deductible?I. The amount of deduction should in no case exceed ten thousand pesos for each child.II. The property donated is located in the Philippines.Select one:a.Only item IIb.Only item Ic.Neither item I nor IId.Both I and II

True or False QuestionTrue or false: Only cash contributions to qualified charitable organizations are deductible.True false question.TrueFalse