7.Domex Corporation is a resident foreign corporation. It shows the following for the taxable year 2021: Phils. Abroad Gross income from business 10,000,000 12,000,000 Dividend income-domestic corporation 50,000 Royalty income 80,000 200,000 Business expenses 8,700,000 9,800,000 Compute the taxable income of Domex subject to the regular corporate income tax. O 1,300,000 O 1,380,000 O 3,700,000 O 3,500,000
7.Domex Corporation is a resident foreign corporation. It shows the following for the taxable year 2021: Phils. Abroad Gross income from business 10,000,000 12,000,000 Dividend income-domestic corporation 50,000 Royalty income 80,000 200,000 Business expenses 8,700,000 9,800,000 Compute the taxable income of Domex subject to the regular corporate income tax. O 1,300,000 O 1,380,000 O 3,700,000 O 3,500,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 20P
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Transcribed Image Text:2 points
7.Domex Corporation is a resident foreign corporation. It shows the
following for the taxable year 2021:
Phils.
Abroad
Gross income from business
10,000,000
12,000,000
Dividend income-domestic corporation
50,000
Royalty income
80,000
200,000
Business expenses
8,700,000
9,800,000
Compute the taxable income of Domex subject to the regular corporate
income tax.
O 1,300,000
O 1,380,000
O 3,700,000
3,500,000
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