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The following information is related to a domestic corporation in its fifth year of operation: A. Gross Income P3,000,000 B. Business Expenses ------ P2,400,000 -
The following information is related to a domestic corporation in its fifth year of operation: A. Gross Income P3,000,000 B. Business Expenses ------ P2,400,000 - C. NOLCO ----- 2500,000 D. Dividend income from a domestic corporation ----- P30,000 E. Interest Income from bank deposits, net ----- 50,000 F. Gain on sale of domestic shares directly through buyer ----- P200,000. G. Gain on sale of land classified as a capital asset with a selling price of P2,000,000 and zonal value of P2,500,000 ----- 500,000 H. Allocated Capital Expenditure ----- P200,000 How much is the net taxable income? How much is the income tax due? How much is the final tax due? How much is the capital gains tax due
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