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 9,250.00
• B. P 9,228.45
• C. P 9,308.45
• D. P 9,358.41

Answer: (A)