Practice question
A professional validly elects individual OSD and then also deducts office rent and utilities. Explain why OSD cannot be stacked with the itemized deductions it replaces.
Legal references
- RA 9504, Section 3, NIRC Section 34(L) optional standard deduction: https://lawphil.net/statutes/repacts/ra2008/ra_9504_2008.html
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