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Panatag Corporation just completed its third year of operations. It has the following financial information for the taxable year 2021, its third year: Gross
Panatag Corporation just completed its third year of operations. It has the following financial information for the taxable year 2021, its third year: Gross income Deductions Philippines 1,000,000 770,000 China 700,000 530,000 11. Assuming that the taxpayer is a domestic corporation, what is the taxable income? 12. Assuming that the taxpayer is a domestic corporation, what is the tax due? 13. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income? 14. Assuming that the taxpayer is a resident foreign corporation, what is the tax due? 15. Assuming that the taxpayer is a non-resident foreign corporation, what is the taxable income? 16. Assuming that the taxpayer is a non-resident foreign corporation, what is the tax due?
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