For the year ended December 31, 2020, Theodore Corporation reported a pretax financial income of P6,000,000. Its taxable income was P8,000,000. The difference is due to the rental received in advance. Rental income is taxable when received. The income tax rate is 30% for all years and Theodore made an estimated tax payment of P1,000,000. What should Theodore report as 2020 total income tax expense?

For the year ended December 31, 2020, Theodore Corporation reported a pretax financial income of P6,000,000. Its taxable income was P8,000,000. The difference is due to the rental received in advance. Rental income is taxable when received. The income tax rate is 30% for all years and Theodore made an estimated tax payment of P1,000,000. What should Theodore report as 2020 total income tax expense?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 48P

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