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determine the ff: 1,2 & 3 A Domestic Corporation provided the following results of operations for 2019 taxable year (2nd year of Business Operation): Sales

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determine the ff:

1,2 & 3

image text in transcribed
A Domestic Corporation provided the following results of operations for 2019 taxable year (2nd year of Business Operation): Sales 6,200,000.00 Cost of Sales 2,500,000.00 Interest income from peso bank deposits in Manila 50,000.00 Interest income from bank deposits abroad 30,000.00 Royalty income 40,000.00 Capital gain on sale at 6M of land in the Philippines held for 10 500,000.00 years Capital gain on sale of shares of stock of a domestic 15,000.00 corporation held for 6 months, sold directly to a buyer Income from trust indenture with Security Bank 25,000.00 Interest income from $ deposits in Taguig 40,000.00 Bad debts written off 20,000.00 Recovery of bad debts written off on preceding year 10,000.00 Taxes and licenses 50,000.00 Refund of local business taxes and licenses for 2015 10,000.00 Tax assessment on unpaid local business taxes 100,000.00 Interest expenses on the tax assessment 15,000.00 Utilities expense 100,000.00 Casualty losses 60,000.00 Depreciation expense 40,000.00 Income tax paid for the first 3 quarters 75,000.00 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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