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The following data were taken from the financial statement of a corporation for the 3rd taxable taxable year: Description Philippines Abroad Gross sales 10,000,000.00 8,000,000.00
The following data were taken from the financial statement of a corporation for the 3rd taxable taxable year:
Description | Philippines | Abroad |
Gross sales | 10,000,000.00 | 8,000,000.00 |
Sales returns | 200,000.00 | - |
Rent income (Gross of 5% expanded withholding tax) | 200,000.00 | - |
Cost of goods sold | 3,500,000.00 | 2,250,000.00 |
Operating expenses | 2,500,000.00 | 1,000,000.00 |
Interest income from trade rec. | 150,000.00 | 80,000.00 |
Interest income from BPI deposit | 100,000.00 | - |
Interest income from BPI deposit | - | 80,000.00 |
Interest income - FCDU | 120,000.00 | - |
Interest income from money market placements | 50,000.00 | 70,000.00 |
Dividend income from domestic corporation | 30,000.00 | - |
Dividend income from resident foreign corporation | 45,000.00 | - |
Dividend income from non-resident foreign corporation | - | 30,000.00 |
Royalty income | 120,000.00 | 40,000.00 |
Gain on sale on shares of stocks of a foreign corporation held as capital asset not traded in the local stock exchange; selling price - 500,000 | 120,000.00 | |
Gain on sale of shares of stocks of a domestic corporation held as capital asset directly to a buyer; selling price - 650,000 | 200,000.00 | - |
Selling price of real property in the Philippines not used in business; cost - 8,000,000; Fair market value - 9,000,000 | 10,000,000.00 |
Additional information:
Income tax paid for the 3 quarters of the year - 300,000
Determine the regular corporate income tax payable if the corporation is classified as a domestic corporation.
Determine the final tax due if the corporation is classified as a domestic corporation.
Determine the final tax due if the corporation is classified as a resident foreign corporation. PLS answer the 3 my classmates will click like
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