34. Thinker Corporation's income statement for the year ended December 31, 2022, shows pretax income of P1,000,000. The following are treated differently on the tax return and in the accounting records: Tax Return Book records Rent income P P 120,000 220,000 70,000 280,000 Depreciation Premiums on officer's life insurance* 90,000 *the Corporation is the beneficiary of the insurance policy of the officer. Assume that Thinker Corporations tax rate for 2022 is 30%, what is the amount of income tax payable for 2022?

34. Thinker Corporation's income statement for the year ended December 31, 2022, shows pretax income of P1,000,000. The following are treated differently on the tax return and in the accounting records: Tax Return Book records Rent income P P 120,000 220,000 70,000 280,000 Depreciation Premiums on officer's life insurance* 90,000 *the Corporation is the beneficiary of the insurance policy of the officer. Assume that Thinker Corporations tax rate for 2022 is 30%, what is the amount of income tax payable for 2022?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 29CE

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