Use the following data for the next two (2) questions:

In 2018, Mr. Nagaalangan created a trust naming his eldest son, Kadudaduda as revocable beneficiary who will receive the income of the trust. If the eldest son could not abide with the terms provided in the trust instrument, Mr. Nagaalangan could change anytime the terms of the trust. For the current taxable year, the trust earned a net income of P 1,000,000. On the other hand, the grantor earned a compensation income of P 1,500,000 and business income of P 1,000,000. No part of the income of the trust were distributed to the revocable beneficiary during the year.
Determine the following:
a. the taxable income of the trust
b. the taxable income of the grantor

During the 2018, a branch office of a multinational corporation remitted the following income/revenues to its head office in Canada: a. Dividend income from domestic corporations, P500,000 b. Interests from money placements in the banks, P200,000 c. Royalty income, P300,000 d. Net income from operations, P2,000,000 The correct branch remittance tax is: Show your solution
a. 0
b. 300,000
c. 375,000
d. 450,000

Use the following data for the next two (2) questions:

On January 1, 2018, Francis established a trust fund for the benefits of his daughter, Princess, Francis appointed Atty, Lo yer as the trustee. The property transferred to the trust a piece of lot with a dormitory earning rental income.
During the year, the trust earned P 10,000,000 revenues and incurred expenses of P 2,000,000. Out of the trust’s income, Atty. Lo Yer gave Princess P1, 500,000. In the same year, Princess earned compensation income of P1, 850,000, net of withholding tax of P 650,000.

Determine the following:

a. Taxable income of the trust
b. Taxable income of Niah

Namahinga Nha died in 2017 leaving an estate worth P 10,000,000. The estate is under administration. In 2018 the properties in the estate earned a gross income of P 600,000 and the estate incurred expenses of P 150,000. Francis, one of the heirs received P 120,000 from the income of the estate. The taxable income of the estate is? Show your solution.
a. 480, 000
b. 450,000
c. 310,000
d. 330,000

Mr. Brion is a partner of BINH & Co., a general professional partnership (GPP), who owns 30% interest therein. The 2018 gross receipts of the partnership amounted to P8.5 million; cost of services and operating expenses were P2, 200,000 and P1, 300,000.00, respectively. Determine the share in distributive profit of Mr. Brion for 2018 is?
a. 1.2M
b. 1.3M
c. 1 341 000
d. 1 134 000

BEL & Co. is a general professional partnership (GPP). Its partner, Ms. Briona, owns 40% interest in the partnership, In 2018, records show the following: gross receipts-P12, 500,000.00; cost of services -P3, 700,000.00; and operating expenses-P1, 900,000.00. Determine the share in distributive profit of Mr. Brion for 2018 is
a. 2,760,000
B. 2,670,000
C. 2,607,000
D. 2,500,000

A corporation, in its first year of operations, had the following data: Philippines Foreign Gross income P400,000 P300,000 Expenses 200,000 200,000 The taxable income, if domestic corporation and the data are on business, is

a. P200,000.
b. P300,000.
c. P100,000.
d. P400,000.

If in Question 95-96 , the taxpayer is a resident corporation, and the data are on business, the taxable income:

a. P200,000.
b. P300,000.
c. P100,000.
d. P400,000.

A domestic corporation, in its fifth year of operations in 2002, had the following data: Sales P2,000,000 Cost of sales 1,000,000 Business expenses 950,000 The income tax of the corporation is:

P17,000.
b. P20,000.
c. P1,000.
d. P340,000.