Relevant Competitive Tests:
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%?
A. P 9,358.41
B. P 9,228.45
C. P 9,250.00Correct Answer
D. P 9,308.45
Correct Option: C. P 9,250.00
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