GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with a Certificate of Tax Exemption • Financial data this taxable period (2021): Related Unrelated Activities P5,000,000 1,000,000 4,000,000 Activities Gross Income Expenses P35,000,000 10,000,000 25,000,000 Net COMPUTE: Taxable income
GIVEN: • Taxpayer is a non-stock and non-profit educational institution. • It has been granted with a Certificate of Tax Exemption • Financial data this taxable period (2021): Related Unrelated Activities P5,000,000 1,000,000 4,000,000 Activities Gross Income Expenses P35,000,000 10,000,000 25,000,000 Net COMPUTE: Taxable income
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 26P
Related questions
Question
A. Zero
B. P4,000,000
C. P5,000,000
D. P29,000,000
Transcribed Image Text:GIVEN:
• Taxpayer is a non-stock and non-profit educational institution.
It has been granted with a Certificate of Tax Exemption
Financial data this taxable period (2021):
Related
Unrelated
Activities
Activities
Gross Income
Expenses
Net
P35,000,000
10,000,000
25,000,000
P5,000,000
1,000,000
4,000,000
COMPUTE: Taxable income
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