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CASE 2 A Domestic Corporation provided the following results of operations for 2018 taxable year: Sales 6.200,000 Cost of Sales 2.500,000 Dividend Income From domestic

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CASE 2 A Domestic Corporation provided the following results of operations for 2018 taxable year: Sales 6.200,000 Cost of Sales 2.500,000 Dividend Income From domestic corporation 60,000 From resident corporation 30,000 From nonresident corporation 20,000 Interest income From trade notes receivable 75,000 From peso bank deposits in Manila 50,000 From $ deposits in Taguig 40,000 From bank deposits abroad 30,000 Royalty income 40,000 Capital gain on sale at &M of land in the Philippines held for 10 years 500,000 Capital gain on sale of a 10-year bonds of a domestic corporation held 30,000 for 8 years Capital loss on sale of bonds of a domestic corporation held for 1 year 20.000 50 Capital gain on sale of shares of stock of a domestic corporation held 15,000 for 6 months, sold directly to a buyer Capital gain on sale of shares of stock of a domestic corporation held 12.500 for 6 months, sold thru PSE Income from trust indenture with Security Bank 25,000 Provision for bad debts 15,000 Bad debts written off 20,000 Recovery of bad debts written off on preceding year 10,000 Salaries and wages excluding fringe benefits/de minimis 350,000 De minimis benefits provided to rank and file employees 70,000 De minimis benefits provided to managerial employees 30,000 Fringe benefits provided to rank and file employees 50,000 Fringe benefits provided to managerial employees 156,000 Taxes and licenses 50,000 Refund of local business taxes and licenses for 2015 10,000 Tax assessment on unpaid local business taxes 100,000 Interest expenses on the tax assessment 15,000 Surcharge and penalties on the tax assessment 25,000 Utilities expense 100,000 Casualty losses 60,000 Shrinkage in the value of short term debt securities 5,000 Depreciation expense 40,000 Dividend declared and paid 200,000 Income tax paid for the first 3 quarters 75,000 Required: Determine the following: 1. Income Tax Payable at the end of the year 2. Total Final Tax on Passive Income 3. Total Capital Gains Tax

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