Gross income from trading business Expenses and losses in the trading business Capital gain on a direct sale to a buyer of shares of stocks of a domestic corporation Capital gain on sale of a piece of land in the Philippines on a selling price of P 2000, 000 Dividend from domestic corporation P 800, 000 450, 000 150, 000 500, 000 20, 000 The taxable income at the end of year subject to the year-end graduated income tax for individuals is:

Gross income from trading business Expenses and losses in the trading business Capital gain on a direct sale to a buyer of shares of stocks of a domestic corporation Capital gain on sale of a piece of land in the Philippines on a selling price of P 2000, 000 Dividend from domestic corporation P 800, 000 450, 000 150, 000 500, 000 20, 000 The taxable income at the end of year subject to the year-end graduated income tax for individuals is:

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 51P

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1. Winter Corporation, a domestic corporation had the following record of income and expenses in 2022: Gross income from operations PHP 1,540,000 Expenses PHP 654,000 Dividend from foreign corporation, no reinvested in the following year PHP 95,000 Royalties, Philippines PHP 230,000 Royalties, USA PHP 175,000 Interest on peso deposit with Metrobank PHP 8,000 Interest on dollar deposit with BP ($1=PHP 50) USD 200 The taxable income on Winter Corporation is a. PHP 1,156,000 b. PHP 1,540,000 c. PHP 641,000 d. PHP 1,810,000 2. In Yoop Corporation had the following items of income and expenses in 2023 Gross receipts PHP 1,000,000 Cost of services PHP 850,000 Dividends from a domestic company PHP 35,000 General and administrative expenses PHP 120,000 The income tax due on In Yoop Corporation is A. PHP 7,500 B. PHP 9,000 C. PHP 2,250 D. PHP…
Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 Compute the income tax due for 2019 if Phils is a domestic corporation: P10,200,000 P6,900,000 P8,500,000 P6,800,000
4. XYZcorporation reported the following gross income and expenses: Gross income in the Philippines is 38,000,000 while deductions is 15,000,000 for a total taxable income of 23,000,000. Abroad, the gross income is 14,000,000 while the deduction is 3,000,000 for a total taxable income of 11,000,000. Compute the income tax due for 2021 if XYZ is a domestic corporation. P10,200,000 P6,900,000 P8,500,000 P6,800,000
Qalvin Corporation, a large corporation, reported the following in 2023: in 2022: Related   Unrelated Total Gross income    P300,000         P200,000      P500,000 Deductions   100,000 100,000 200,000 Taxable income  P200,000        P100,000     P300,000                    Compute the income tax due if Qalvin is exempt non-profit corporation Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000         P200,000      P700,000 Direct Deductions 200,000 300,000 500,000 Common Expenses        150,000 Compute the income tax due if Qalvin is a resident foreign corporation
A Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines          Abroad          Total Gross income    P400,000         P300,000      P700,000 Deductions   200,000 150,000 350,000 Taxable income  P200,000        P150,000     P350,000                    Compute the income tax due if Qalvin is an non-resident owner or lessor of aircraft, machineries & other equipment A Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000         P200,000      P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses        150,000 Compute the income tax due if Qalvin is a business partnership organized in the Philippines Qalvin Corporation, a MSME, reported the following in 2023: in 2022:…
P Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines          Abroad          Total Gross income    P400,000         P300,000      P700,000 Deductions   200,000 150,000 350,000 Taxable income  P200,000        P150,000     P350,000                    Compute the income tax due if Qalvin is a Private Proprietary Educational Institution majority of its income is from related activities. P, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was incurred in connection with non-related activities. Compute the income tax due if all the income of Qalvin is used for educational purposes. P, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was…
Mr. ABC sold shares of resident foreign corporation directly to a buyer. The shaes were purchased for P200,000 and were sold at a net selling price of P420,000. Compute the capital gain tax. A. P 33.000B. P 22,000C. P 11,000D. zero
A non-U.S. corporation investor held a real estate asset (a parcel of land) that that was purchased for $100,000,000 for 10 years and will sell it for $130,000,000. The investor gain on the sale of the asset is considered to in a business that is effectively connected to a U.S. trade or business (ECI). a. Compute the tax on the sale assuming that the investor held the asset directly (consider both ECI and branch profits tax) b. Compute the tax to the investor if held through US corporation (consider both entity level tax and FDAP tax on the distributions) with no treaty rates and a plan of liquidation in the year of sale USE IRS,USA AND CPA REGULATIONS
Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is a Domestic Corporation.
A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?
17. 2022 Corp Z Cash Method Taxpayer – (Corp. Aggregate Receipts < $27 Mil.) 100% Owned by Shareholder A Business Income - 1200000 Business Expenses - 160000 NYS Bond Interest - 2000 Dividend received from 75 % owned Corporation - 8000 Reasonable Compensation - 5500000 Compensation of Family Members Not Active in the Company - 150000 Capital Loss – (5000) Interest Expense paid to Bank - 250000 §179 Depreciation Tractor - 25000 Bonus Depreciation Heavy Truck - 50000 Questions: a. What is taxable income? _______________ Show calculations.
Taxpayer: Domestic Corporation Taxable period data: Item IN OUT Gross income from operations 14,000,000 4,000,000 Allowable deductions gross income 5,800,000 1,200,000 Franchise revenue 1,000,000 500,000 Interest income from long-term banks deposit 70,000 60,000 Dividends from another domestic corporation 400,000 Dividends from a non-resident foreign corporation (not reinvested in the business within the taxable year following the year of receipt of dividends). 500,000 How much is the NET taxable income subject to the regular corporate income tax? How much is the regular corporate income tax? How much is the amount of income subject to final tax? How much is the final tax?