is A Domestic Corporation provided the following results of operations for 2020 taxable year: Sales Salaries...
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is A Domestic Corporation provided the following results of operations for 2020 taxable year: Sales Salaries and wages 6,200,000 excluding fringe 350,000 Cost of sales 2,500,000 Dividend income from DC 60,000 benefits/de minimis De minimis benefits provided to rank and file De minimis benefits provided to managerial 70,000 30,000 employees Dividend income from RC 30,000 Fringe benefits provided to rank and file 50,000 Dividend income from NRC 20,000 Fringe benefits provided to managerial employees 156,000 Interest income from notes receivable 75,000 Taxes and licenses 50,000 Interest income from peso bank deposits in Manila Refund of local business 100,000 taxes and licenses from 2019 10,000 Interest income from $ deposits in Taguig 40,000 Tax assessment on unpaid local business taxes 100.000 YouTube Maps Align Assets Paraphrasing Tool Leira Lamoste. Adri... C MyCreativeShop Ed... TOCAL DUTIES COALS reports in Taguig Interest income from bank Interest expense on the 30,000 15,000 deposits abroad tax assessment Surcharge and penalties Royalty income 40,000 25,000 on the tax assessment Capital gain on sale at 6M 500,000 Utilities expense 100,000 of land in the Philippines held for 10 years Capital gain in sale of a 10- year bonds of a domestic 30,000 Casualty losses 60,000 corporation held for 8 years Capital loss on sale of bonds of a domestic 20,000 Shrinkage on the value of short-term debt securities 5,000 corporation held for 1 year Capital gains on sale of shares of stocks of a domestic corporation held 15,000 Depreciation expense 30,000 for 6 months, sold directly to a buyer Capital gains on sale of shares of stocks of a 12,500 domestic corporation held Dividend declared and paid 200,000 for 6 months, sold thru PSE shares of stocks of a domestic corporation held 15,000 Depreciation expense 30,000 for 6 months, sold directly to a buyer Capital gains on sale of shares of stocks of a 12,500 domestic corporation held Dividend declared and paid 200,000 for 6 months, sold thru PSE Income from trust indenture with Security bank 25,000 Income tax paid for the first 3 quarters 75,000 Provision for bad debts 15,000 Bad debts written off 20,000 Recovery of bad debts 10,000 written-off preceding year Using itemized deductions, determine the income tax payable at the end of the year (Train law). is A Domestic Corporation provided the following results of operations for 2020 taxable year: Sales Salaries and wages 6,200,000 excluding fringe 350,000 Cost of sales 2,500,000 Dividend income from DC 60,000 benefits/de minimis De minimis benefits provided to rank and file De minimis benefits provided to managerial 70,000 30,000 employees Dividend income from RC 30,000 Fringe benefits provided to rank and file 50,000 Dividend income from NRC 20,000 Fringe benefits provided to managerial employees 156,000 Interest income from notes receivable 75,000 Taxes and licenses 50,000 Interest income from peso bank deposits in Manila Refund of local business 100,000 taxes and licenses from 2019 10,000 Interest income from $ deposits in Taguig 40,000 Tax assessment on unpaid local business taxes 100.000 YouTube Maps Align Assets Paraphrasing Tool Leira Lamoste. Adri... C MyCreativeShop Ed... TOCAL DUTIES COALS reports in Taguig Interest income from bank Interest expense on the 30,000 15,000 deposits abroad tax assessment Surcharge and penalties Royalty income 40,000 25,000 on the tax assessment Capital gain on sale at 6M 500,000 Utilities expense 100,000 of land in the Philippines held for 10 years Capital gain in sale of a 10- year bonds of a domestic 30,000 Casualty losses 60,000 corporation held for 8 years Capital loss on sale of bonds of a domestic 20,000 Shrinkage on the value of short-term debt securities 5,000 corporation held for 1 year Capital gains on sale of shares of stocks of a domestic corporation held 15,000 Depreciation expense 30,000 for 6 months, sold directly to a buyer Capital gains on sale of shares of stocks of a 12,500 domestic corporation held Dividend declared and paid 200,000 for 6 months, sold thru PSE shares of stocks of a domestic corporation held 15,000 Depreciation expense 30,000 for 6 months, sold directly to a buyer Capital gains on sale of shares of stocks of a 12,500 domestic corporation held Dividend declared and paid 200,000 for 6 months, sold thru PSE Income from trust indenture with Security bank 25,000 Income tax paid for the first 3 quarters 75,000 Provision for bad debts 15,000 Bad debts written off 20,000 Recovery of bad debts 10,000 written-off preceding year Using itemized deductions, determine the income tax payable at the end of the year (Train law).
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Answer To determine the income tax payable at the end of the year using itemized deductions we need to calculate the taxable income first Then we can ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118300855
10th Canadian Edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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