1.A resident foreign corporation reported the following income in its 2nd year of operation:

Taxable income, within the Philippines - 500,000

Taxable income, without the Philippines - (400,000)

Compute the income tax due

2.Berkshire Corporation reported the following gross income and expenses in 2020:

Philippines

Gross income - 400,000

Expenses - 200,000

Abroad

Gross income - 300,000

Expenses - 150,000

Compute the income tax due if the corporation is a resident foreign corporation:

3.A domestic corporation reported the following income in its 2nd year of operation:

Taxable income, within the Philippines - 500,000

Taxable income, without the Philippines - (400,000)

Compute the income tax due

4.A corporate taxpayer had the following data on its first year of operation:

Net income, Philippines - 50,000

Net income, Abroad - 150,000

What is the tax due assuming the taxpayer is a domestic corporation?

5.A corporate taxpayer had the following data on its first year of operation:

Net income, Philippines - 50,000

Net income, Abroad - 150,000

What is the tax due assuming the taxpayer is a resident foreign corporation?

6.Berkshire Corporation reported the following gross income and expenses in 2020:

Philippines

Gross income - 400,000

Expenses - 200,000

Abroad

Gross income - 300,000

Expenses - 150,000

Compute the income tax due if the corporation is a private proprietary educational institution or a non-profit hospital majority of its income is from related activities

7.The following are the composition of the total gross income of a domestic corporation which is subject to MCIT:

Sales

4,000,000

Cost of Goods sold

2,400,000

Business expenses

1,400,000

Dividend income

100,000

Gain on sale of land treated as capital asset

150,000

Required: Compute the following:

How much income is notsubject to corporate income tax? _____

What is the income tax due? _____

8.Berkshire Corporation reported the following gross income and expenses in 2020:

Philippines

Gross income - 400,000

Expenses - 200,000

Abroad

Gross income - 300,000

Expenses - 150,000

Compute the income tax due if the corporation is an international air carrier:

9.Berkshire Corporation reported the following gross income and expenses in 2020:

Philippines

Gross income - 400,000

Expenses - 200,000

Abroad

Gross income - 300,000

Expenses - 150,000

Compute the income tax due if the corporation is a non-resident owner or lessor of aircraft, machineries and other equipment corporation:

10.A corporation reported its first profits in 2020 since its start-up in 2017. The following summarizes its results of operations:

Sales, net of discounts and allowances - 5,000,000

Cost of Sales - 2,000,000

Regular Allowable deductions - 1,200,000

Special Allowable deductions - 500,000

What is the taxable income?

11.Berkshire Corporation reported the following gross income and expenses in 2020:

Philippines

Gross income - 400,000

Expenses - 200,000

Abroad

Gross income - 300,000

Expenses - 150,000

Compute the income tax due if the corporation is a non-resident foreign corporation:

12.Berkshire Corporation reported the following gross income and expenses in 2020:

Philippines

Gross income - 400,000

Expenses - 200,000

Abroad

Gross income - 300,000

Expenses - 150,000

Compute the income tax due if the corporation is a domestic corporation:

13.A corporation which started operations in 2016 had the following results of operations:

2018

2019

2020

Gross Income

P3,500,000

P5,000,000

P7,000,000

Less: Business expenses

3,400,000

5,300,000

5,400,000

Net Income (Loss)

P100,000

(P300,000)

P1,600,000

Note: Corporations are subject to MCIT starting in their 3rd year following the commencement of operations (Year 2019).

Required: Determine the following:

Income tax due in 2018. _____

Income tax due in 2019. _____

Taxable income in 2020. _____

Income tax due in 2020. _____

Income tax payable in 2020. _____

14.ABC Company, a domestic corporation has the following data:

Income tax for 2013 110,000

Less Tax credits 125,000

Excess tax credits 15,000

Income net of 1% withholding tax 495,000

Deductions 460,000

For the 1st quarter of 2014, the corporation will report: (RPCPA)

15.A corporation reported its first profits in 2020 since its start-up in 2017. The following summarizes its results of operations:

Sales, net of discounts and allowances - 5,000,000

Cost of Sales - 2,000,000

Allowable deductions - 1,900,000

What is the income tax due?