Question
A, a resident citizen of the Philippines, established a restaurant with a starting capital of Php 5,000,000. Below are the capital distribution of Mr. A:
A, a resident citizen of the Philippines, established a restaurant with a starting capital of Php 5,000,000. Below are the capital distribution of Mr. A:
- Land amounting to Php 2,500,000
- Cash amounting to Php 1,000,000
- Furniture and fixtures amounting to Php 400,000
- Building costing Php 1,100,000
Can Mr. A be exempt from paying income taxes provided that he is qualified to register as BMBE? Why or why not?
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
