The following data were provided by a Domestic Corporation for 2020: Taxes and licenses 40,000 Documentary stamp taxes 2,000 Other percentage taxes 120,000 Refund of local business taxes paid in 2019 10,000 Income tax due for 2020 300,000 Refund of income tax for 2019 25,000 Interest income: From trade notes receivable 100,000 From peso bank deposits 120,000 From bank deposits abroad 20,000 Interest expense on bank loan 150,000 Tax assessment on underpayment of percentage taxes 75,000 Surcharges on tax assessments 25,000 |Interest expense on tax assessments 12,500 Determine the amount of deductible interest expense for 2020 (Train law).

The following data were provided by a Domestic Corporation for 2020: Taxes and licenses 40,000 Documentary stamp taxes 2,000 Other percentage taxes 120,000 Refund of local business taxes paid in 2019 10,000 Income tax due for 2020 300,000 Refund of income tax for 2019 25,000 Interest income: From trade notes receivable 100,000 From peso bank deposits 120,000 From bank deposits abroad 20,000 Interest expense on bank loan 150,000 Tax assessment on underpayment of percentage taxes 75,000 Surcharges on tax assessments 25,000 |Interest expense on tax assessments 12,500 Determine the amount of deductible interest expense for 2020 (Train law).

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 47P

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Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
The following tax expenses related to business were paid by Palmyra Trading in 2022: Business taxes, other than VAT, P20,000 Documentary stamp taxes, P1,000 Automobile registration fees, P3,000 Import duty taxes, P50,000 Postage stamp taxes, P500 Stock transaction tax, P2,500 Income tax, P600,000 Value-added tax, P240,000 Donor’s tax, P8,000 How much is the amount of taxes deductible from gross income? P73,500 P74,500 P76,000 P73,000
A.M.I. Corporation reported income taxes of $362,884,000 on its 2022 income statement. Its balance sheet reported income taxes payable of $279,289,000 at December 31, 2021, and $518,663,000 at December 31, 2022. What amount of cash payments were made for income taxes during 2022? Cash payment for income taxes = ? I tried 2022 Income Statement + 2021 Balance Sheet - 2022 Balance sheet. What is the correct formula to calculate?
A domestic corporation has the following data for three years. Regular Corporate Income Tax2020 - P50,0002021 - P60,0002022 - P100,000Minimum Corporate Income Tax2020 - P75,0002021 - P100,0002022 - P60,000How much is the amount of tax payable for the year 2022? a. P65,000 b. P100,000 c. P60,000 d. P35,000
The following tax expenses related to business were paid by Palmyra Trading in 2022:Business taxes, other than VAT, P20,000Documentary stamp taxes, P1,000Automobile registration fees, P3,000Import duty taxes, P50,000Postage stamp taxes, P500Stock transaction tax, P2,500Income tax, P600,000Value-added tax, P240,000Donor’s tax, P8,000How much is the amount of taxes deductible from gross income? a. P73,500 b. P73,000 c. P74,500 d. P76,000