Question
1,. For the taxable year, the taxpayer reported the following: SOURCES W./I W./O Sales 10,000,000 4,000,000 Cost of sales 6,000,000 2,500,000 Item of expenses 1,200,000
1,. For the taxable year, the taxpayer reported the following:
| SOURCES | ||
| W./I | W./O | |
| Sales | 10,000,000 | 4,000,000 |
| Cost of sales | 6,000,000 | 2,500,000 |
| Item of expenses | 1,200,000 | 500,000 |
The taxpayer is a corporation created under Philippines Laws.
Its total assets is P105,000,000 excluding the value of land used in business.
How much is its income tax base amount in its 1702 ITR if it is electing standard method of deduction?
2. For the taxable year, the taxpayer reported the following:
| SOURCES | ||
| W./I | W./O | |
| Sales | 10,000,000 | 4,000,000 |
| Cost of sales | 6,000,000 | 2,500,000 |
| Item of expenses | 1,200,000 | 500,000 |
The taxpayer is a corporation created under foreign country's Laws.
Its total assets is P150,000,000 excluding the value of land used in business.
How much is its income tax base amount in its 1702 ITR if it is electing standard method of deduction?
3. For the taxable year, the taxpayer reported the following:
| SOURCES | ||
| W./I | W./O | |
| Sales | 10,000,000 | 4,000,000 |
| Cost of sales | 6,000,000 | 2,500,000 |
| Item of expenses | 1,200,000 | 500,000 |
The taxpayer is a corporation created under Philippines Laws.
Its total assets is P55,000,000 excluding the value of land used in business.
How much is its income tax due in its 1702 ITR if it is electing standard method of deduction?
4. For the taxable year, the taxpayer reported the following:
| SOURCES | ||
| W./I | W./O | |
| Sales | 10,000,000 | 4,000,000 |
| Cost of sales | 6,000,000 | 2,500,000 |
| Item of expenses | 1,200,000 | 500,000 |
The taxpayer is a corporation created under Philippines Laws.
Its total assets is P55,000,000 excluding the value of land used in business.
How much is its income tax due in its 1702 ITR if it is electing for itemized
method of deduction?
5. For the taxable year, the taxpayer reported the following:
| SOURCES | ||
| W./I | W./O | |
| Sales | 10,000,000 | 4,000,000 |
| Cost of sales | 6,000,000 | 2,500,000 |
| Item of expenses | 1,200,000 | 500,000 |
The taxpayer is a corporation created under foreign country's Laws.
Its total assets is P50,000,000 excluding the value of land used in business.
How much is its income tax due in its 1702 if it is electing standard method of deduction?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
