10. The total gross income of an oil company is P34,000,000 for a particular year, and the taxable income after taking all deductions, except for depletion, is P14,100,000. If the fixed depletion rate...

10. The total gross income of an oil company is P34,000,000 for a<br>particular year, and the taxable income after taking all<br>deductions, except for depletion, is P14,100,000. If the fixed<br>depletion rate for oil wells is 22%, determine the<br>allowable depletion allowance for the year.<br>

Extracted text: 10. The total gross income of an oil company is P34,000,000 for a particular year, and the taxable income after taking all deductions, except for depletion, is P14,100,000. If the fixed depletion rate for oil wells is 22%, determine the allowable depletion allowance for the year.

Jun 11, 2022

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10. The total gross income of an oil company is P34,000,000 for a particular year, and the taxable income after taking all deductions, except for depletion, is P14,100,000. If the fixed depletion rate...

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