Shell Philippines, a multinational company, has a total gross income for a particular year of P 50,000,000. The taxable income after taking all deductions except for depletion is P 18,500,000. What is the allowable depletion allowance for that particular year? Take percentage of gross income for oil as 22%?

Academy of PakistanTest & Learning

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Academy of PakistanTest & Learning

804Active Users

184Civil EngineeringMedium

AP 9,228.45

BP 9,308.45

CP 9,358.41

DP 9,250.00

Correct answer

D. P 9,250.00

Explanation

The correct answer is P 9,250.00.

Shell Philippines, a multinational company, has a total gross income for a particular year of P 50,000,000. The taxable income after taking all deductions except for depletion is P 18,500,000. What is the allowable depletion allowance for that particular year? Take percentage of gross income for oil as 22%? - Answer and Explanation | Academy of Pakistan