Rent Income, net of 5% creditable withholding tax 500,000.00 Professional Fees, net of 10% creditable withholding tax 850,000.00 Royalties, net of 20% final tax Dividends from domestic corporation 150,000.00 15,000.00
Rent Income, net of 5% creditable withholding tax 500,000.00 Professional Fees, net of 10% creditable withholding tax 850,000.00 Royalties, net of 20% final tax Dividends from domestic corporation 150,000.00 15,000.00
Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
Section: Chapter Questions
Problem 10MC
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Question
Basi Inc., a domestic corporation, reported the following:
Determine the total gross income subject to regular income tax.
Transcribed Image Text:Rent Income, net of 5% creditable withholding tax
500,000.00
Professional Fees, net of 10% creditable withholding tax
850,000.00
Royalties, net of 20% final tax
Dividends from domestic corporation
150,000.00
15,000.00
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