16,000 Compute the amount of improperly accumulated earnings tax (IAET
plss help mee thank you
Y Corporation, a family-closed corporation, had the following selected data for 201A, the
|
Non-taxable gain on life insurance of Y Co.’s president |
P900,000 |
|
Income tax due 201A |
780,000 |
|
Quarterly income tax paid |
580,000 |
|
Dividend declared and paid during the year |
440,000 |
|
Reserve for maturing bonds in 201B |
300,000 |
|
Tax-exempt dividend income from resident corporation |
200,000 |
|
Net-operating loss carry-over (NOLCO) deducted |
100,000 |
|
|
85,000 |
|
Interest income on peso deposit, net of final tax |
16,000 |
Compute the amount of improperly accumulated earnings tax (IAET).
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
