No long computations/explanations needed. Thank you
Use income tax rates under CREATE in full for the taxable year. 1. A corporation had a taxable net income of4.SM and total assets of 100M. The following data are the corporation's expenses for the taxable year. 0 Salaries expense, 12M 0 Rent expense, 2.4M 0 Advertising expense, 600K - Depreciation expense, 500K 0 Interest expense, 6M 0 Interest income, net of 20% final tax, 2.4M How much is the regular itemized deductions? 2. How much is the branch profit remittance tax of a foreign company doing business in the Philippines, earmarked for remittance to its head office in India, which has some of its income as follows: 0 operating net income after tax: 24M 0 dividends: 7M 3. Boy transferred his property to Zero Company. As a result of the transfer, Boy acquired control over Zero Company. The property had a book value of 1Mto Boy. As a consideration, it received shares of stock of Zero Company with a fair market value of 960K. How much may Boy claim as deductible loss? 4. A domestic corporation had the following record of income and expenses during the year: 0 Gross income, P1,540,000 0 Expenses, P654,000 o Dividends from a resident foreign corporation, P95,000 - Royalties, Philippines, P230,000 o Royalties, U.S.A, P17S,000 0 Interest on time deposit with Metrobank, P18,000 0 Interest on money market placement, P25,000 How much is the corporation's taxable income? 5. A domestic corporation had gross sales of 1M and 300K cost of sales in 2019. What is the amount of Optional Standard Deduction if it avails OSD? 6. A resident citizen received 500K salary as a part-time employee, net of 30K withholding tax and 8K SSS contribution. How much is his taxable compensation income? 7. How much would be the allowable deduction for a P150,000 contribution made by a domestic corporation to a religious organization from its P2,000,000 net income after contribution