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What is Income Tax Deductibility of Losses about?

The document discusses the requirements for deductible losses under Philippine tax law. It must be 1) incurred in a trade or business, 2) actually sustained in the taxable year, 3) from a closed transaction, 4) not compensated by insurance, and 5) declared within 45 days if from casualty. It then examines two court cases regarding whether certain losses and deductions were properly allowed or disallowed.

Author

Victor Lim

Language

EN