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?
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?
Chapter25: Taxation Of International Transact Ions
Section: Chapter Questions
Problem 29P
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Question
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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?
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