The following are the requisites for the charitable and other contributions to be deductible, exceptSelect one:a.Must be either for public or private purposeb.The net income of the institution must not inure to the benefit of any individual or private stockholderc.The taxpayer giving charitable donations must be engaged in business, trade or exercise of professiond.There must be an actual contributions made

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

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

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)

An example of an expense that is not an allowable tax deduction is:A.a hospital bill.B.an all-inclusive vacation.C.a donation to a charity.D.home mortgage interest.SUBMITarrow_backPREVIOUS