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I.
Itemized deductions. ExIT-LoBaD2-CReP
Ordinary & necessary TBP
Interest
Expenses
D-STOWN
DeT-CoW-DORIN
paid/incurred During the indebtedness incurred by
taxable year;
the taxpayer based on a
bona fide Debtor-creditor
relationship;
Substantiated w/ sufficient
evidence;
: Taxpayer
pain in connection w/
TBP /attributable to the
devt, mngt /operation of
TBP;
Ordinary & necessary;
Connected w/ the
taxpayers TBP;
If subject to withholding
taxes, have been properly
Withheld & remitted on time
the BIR, &
legally Due;
not be incurred to
finance
petroleum
Operation;
interest:
Writing;
stipulated
in
arrangement: not be
between Related taxpayer
Taxes
Losses
Bad Debts
Depreciation
PORAL-V
allowance for depreciation:
for Property arising out of its
use in the trade /business,
or out of its not being used
temporarily during the year;
charged Off within the
taxable year;
TILE-Co
payment: Taxes & not for
amounts
representing
surcharge/
penalties
incident to delinquency;
TEN-ACIDA
loss: Taxpayer
IR-WASC-IB
existing, valid, & legally
demandable Indebtedness
due to the taxpayer;
not be specifically
Excluded by law from being
deducted
from
the
taxpayers gross income; &
Actually
sustained
charged off during
taxable year;
Reported as receivables in
the ITR of the current/ prior
year;
Actually ascertained to be
Worthless & uncollectible as
of the end of the taxable
year;
Actually charged off in the
books of accounts of the
taxpayer as of the end of
the taxable year of
worthlessness;
not be Sustained in a
transaction entered into
between related parties;
For
Individuals,
loss:
connected w/ his TBP /
incurred in any transaction
entered into for profit
(though not connected w/
his TBP);
For
casualty
losses,
Declaration of loss: filed w/
the BIR via a sworn
declaration of loss from the
date
of
occurrence/discovery of the
casualty/robbery,
theft/embezzlement; &
Connected
with
taxpayers TBP;
the
Pension Trusts
PRECA
Er: established a Pension or
retirement plan for the
payment of reasonable
pension to its Ees;
Actually
: Reasonable;
Evidence by Adequate
receipts/records
(substantiation rule).
contribution/gift:
paid;
: Taxpayer
pain in connection w/
TBP /attributable to the
devt, mngt /operation of
TBP;
Ordinary & necessary;
Connected w/ the
taxpayers TBP;
If subject to withholding
taxes, have been properly
Withheld & remitted on time
the BIR, &
legally Due;
not be incurred to
finance
petroleum
Operation;
interest:
Writing;
stipulated
in
arrangement: not be
between Related taxpayer
Taxes
Losses
Bad Debts
Depreciation
PORAL-V
allowance for depreciation:
for Property arising out of its
use in the trade /business,
or out of its not being used
temporarily during the year;
charged Off within the
taxable year;
TILE-Co
payment: Taxes & not for
amounts
representing
surcharge/
penalties
incident to delinquency;
TEN-ACIDA
loss: Taxpayer
IR-WASC-IB
existing, valid, & legally
demandable Indebtedness
due to the taxpayer;
not be specifically
Excluded by law from being
deducted
from
the
taxpayers gross income; &
Actually
sustained
charged off during
taxable year;
Reported as receivables in
the ITR of the current/ prior
year;
Actually ascertained to be
Worthless & uncollectible as
of the end of the taxable
year;
Actually charged off in the
books of accounts of the
taxpayer as of the end of
the taxable year of
worthlessness;
not be Sustained in a
transaction entered into
between related parties;
For
Individuals,
loss:
connected w/ his TBP /
incurred in any transaction
entered into for profit
(though not connected w/
his TBP);
For
casualty
losses,
Declaration of loss: filed w/
the BIR via a sworn
declaration of loss from the
date
of
occurrence/discovery of the
casualty/robbery,
theft/embezzlement; &
Connected
with
taxpayers TBP;
the
Pension Trusts
PRECA
Er: established a Pension or
retirement plan for the
payment of reasonable
pension to its Ees;
Actually
: Reasonable;
Evidence by Adequate
receipts/records
(substantiation rule).
contribution/gift:
paid;