Question
COVID Corporation has the following data for the year 2019: Gross income, Philippines P1,000,000 Gross income, USA 500,000 Gross income, Japan 500,000 Expenses, Philippines 300,000
COVID Corporation has the following data for the year 2019:
Gross income, Philippines P1,000,000
Gross income, USA 500,000
Gross income, Japan 500,000
Expenses, Philippines 300,000
Expenses, USA 200,000
Expenses, Japan 100,000
Other Income:
Dividend from San Miguel Corp 70,000
Dividend from Ford Motors, USA 120,000
Gain, sale of San Miguel shares directly to buyer 150,000
Royalties, Philippines 50,000
Royalties, USA 100,000
Interest (other than from banks) 60,000
Rent, land in USA 250,000
Other rent income 100,000
Prize, contest in Manila 200,000
Q1. What is the Regular Tax if COVID is a Domestic Corporation?
Q2. What is the Regular Tax if COVID is a Resident Corporation?
Q3. . What is the Regular Tax if COVID is a Non-Resident Corporation?
Q5. What is the Total Tax Liability if COVID is a Domestic Corporation?
Q6. What is the Total Tax Liability if COVID is a Resident Corporation?
Q7. What is the Total Tax Liability if COVID is a Non-Resident Corporation?
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