this second photo is the tax rate for corporations either DC, RC, and NRC

Problem 1 Dynasty Corporation just completed its third year of operations. It has the following financial information for the taxable year 2019, its third year: Philippines China Gross Income P 1,250,000 P 800,000 Deductions 945,000 540,000 1. Assuming that the tax payer is a domestic corporation, what is the taxable income? What is the tax due? 10 pts 2. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income? What is the tax due? 10 pts 3. Assume that the taxpayer is a non-resident foreign corporation, what is the taxable income? What is the tax due? 10 pts Problem 3 Festival Corporation, a domestic corporation in consulting services, is on its 4th year of operations in 2019. The following data relate to its operations for the taxable year 2019: Gross receipts P 18,000,000 Sales Returns and allowances 360,000 Sales discounts 900,000 Cost of Services 5,000,000 Deductions 16,190,000 Interest on Notes receivable 100,000 Dividends from Aerobics Corporation, a domestic corporation 250,000 Capital gain on sale of land and building at market value P 6,000,000 (higher than selling price) 2,000,000 Requirements: 1. Compute the income Tax Due (Hint: RCIT or MCIT whichever is higher) (10 pts) 2. Taxable Other Gross Income (5 pts) 3. Exempt Other income (5 pts) 4. Final tax on Passive income (Spts) Problem 4 Imperial Inc., an entity organized under Philippine laws, has the following cumulative data for the calendar year 2015, its first year of operations: 1" Quarter 2nd Quarter 3 Quarter Year Sales P 260,000 P 585,000 P 975,000 P 1,560,000 Dividend Income from a Resident Corp. 2,600 5,200 7,800 10,400 Cost of Sales 65,000 156,000 240,500 390,000 Business Expenses 156,000 338,000 533,000 949,000 Requirements: 20 pts 1. Normal income tax or Regular corporate income tax for the first quarter is 2. Income tax due at the end of the second quarter is 3. Normal tax taxable income for the third quarter is 4. Income tax due at the end of the year is DC NRC FT of 15% Exempt 7.5% FT of 15% TAXES ON CORPORATIONS DC- Domestic corporation; RC- Resident corporation; NRC - Non-resident corporation ITEMS OF INCOME RC On the selling price or fair market value on the date of sale, whichever is higher, of land and building held as capital asset (wherever situated) FT of 6% On the capital gain on sale of shares of stock of domestic corporation FT of FT of not listed and traded in a local stock exchange 15% 25% Interest on foreign currency deposit under the expanded foreign FT of FT of currency deposit system 7.5% Dividend from domestic corporation Exempt Exempt Interest on any currency bank deposit, yield of other monetary FT of FT of benefit from deposit substitute, trust fund or similar arrangement 20% 20% Normal tax on taxable income (others) within and outside the 30% Philippines BUT, beginning with the fourth year of operations, whichever is higher of: Normal tax on taxable income (others) within and outside the Philippines 30% Or Minimum corporate income tax on minimum corporate income tax gross income within and outside the Philippines 2% Normal tax on taxable income (others) within the Philippines 30% BUT, beginning with the fourth year of operations, whichever is higher of: Normal tax on taxable income (others) within the Philippines; 30% Or Minimum corporate income tax on minimum corporate income tax gross income within the Philippines 2% Interest on foreign loans Taxable gross income (others) within the Philippines FT at 20% FT at 30%