Chapter 13-B Special Allowable Itemized Deduction and NOLCO

True or False

1. True pg. 540 11. True (deductible amount in total is

2. False (additional 25%) pg. 545 twice the amount of expense) pg. 552
3. False (additional 50%) pg. 547 12. True pg. 553
4. True pg. 545 13. True pg. 553
5. False (only distribution of income) pg. 14. True pg. 555
538 15. True pg.
6. True pg. 539 16. False pg. 564*
7. False pg. 540 17. True pg. 556
8. True pg. 543 18. False
9. False (20%) pg. 541 19. True* pg. 556
10. . False (15%) pg. 544 20. True (Note: acquirer’s own NOLCO) pg.
564*
 1. B (P3.5M-P3.2M) 13. A [P900K-P500K-(P500K X 50%
2. D (P345K X 20%) Contribution expense)]
3. B (P182K X 15%) 14. D [P900K-(P900K X 10%)- (P500K X 50%
4. B (P144K X 15%) Contribution expense)]
5. A 15. D (P300K X 50%)
6. B [(P900K-P350K-P45K) X 20%] 16. C (P350K X 100%)
7. B (P4.1M-P2.1M) 17. A
8. D [(P3M-P2.4M) X 50%] 18. C (P1M X 100%)
9. B (P800K X 20%) 19. B (P1.4M X 10% Limit) + [(180-60) x 1k
10. D [(P93,750/75%) X 20%] Pro bono]
11. D (P2.1M X 25%) 20. B [P8M +P6M) X 10% Limit]
12. D (P300K X 50%) 21. D (P800K X 50%)
22. C (P200K X 50%
Multiple Choice – Problem 2

1. A

2. B (P2.5M GI-P1M ID-P300K DI)

3. A

4. B (P1.8M GI-P1.2M RID-P800K SID)

5. A

6. B (P400K+P200K+P100K)

7. B

8. C (P400K +P200K-P800K)

9. D

10. A