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PHILIPPINES - Income Tax
A. Determine the total amount of deductible charitable and other contributions.
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- A nongovernmental, not-for-profit organization received the following donations of corporate stock during the year: Donation 1 Donation 2 Donation 3 Number of shares 2,000 3,000 1, 000 Adjusted basis $8,000 $5,500 $3,000 Fair market value at time of donation 8,500 6,000 $4,000 Fair market value at year end 10,000 2,000 $2,500 What net value of investments will the organization report at the end of the year? A.) $14,500 B.) $14,000 C.) $13,500 D.) $12,000All of the listed features or obligations differentiate a registered charity from a private corporation except one. Which one? Ability to issue donors official tax receipts Required to file Form T3010 Charity can incorporate like a private company Requirement to meet annual spending quotaP 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…
- Make the appropriate calculations in each of the following independent situations presented below. In its first year of operation, the MFG Corporation, a regular corporation contributes $35,000 cash to a qualified charitable organization during the current tax year. The corporation has net operating income of $145,000 before deducting the contributions, and dividends received from domestic corporations, of $25,000. What is the amount of MFG’s allowable deduction for charitable contribution? Gloria, in forming a new corporation transfers land to the corporation in exchange for 100% of the stock of the corporation. Gloria’s basis in land is $275,000 and the corporation assumes a liability on the property in the amount of $300,000. The stock received by Gloria has a fair market value of $550,000. Give the amount of gain or loss that must be recognized by Gloria on this transaction. Kingdom Corporation is a manufacturing corporation that has accumulated earnings of $975,000. It can…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 Non-profit Entity.A taxpayer registered in 2010 made available the following financial information for TY2021 Balance Sheet:Asset – Php 50,000,000Liability – Php 30,000,000Stockholders' Equity – Php 20,000.000 Income StatementGross sales – Php 100,000,000Cost of sales – Php 60,000,000 Operating Expenses – Php 50,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation?a. 800,000b. 400,000c. 2,500,000d. 0
- The Income Statement of the ABC Corporation in Puerto Rico, prepared on a tax basis, presents the following results: ABC Corporation Income Statement (Tax Base) For the year ended December 31, 20X1 Income $ 1,500,000 Cost of sale (600,000) Gross margin 900,000 Salaries (100,000) Donations to non-profit entities (40,000) Other operational expenses (200,000) Net income $ 560,000 Determine the deduction for donations that the ABC Corporation may claim in tax year 20X1. a. $ 56,000 b. $ 10,000 c. $ 40,000 d. $ 4,000Qalvin 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 Government-owned and Controlled Corporation. (depends if it need the tabel)A Charity institution capital fund of the non profit organization has OMR 900,000. The income earning @ OMR 250,000 and OMR60,000 expenses. What is the excess value of income statement?Select one:a. OMR 160,000b. OMR 650,000c. OMR 190,000d. OMR 590,000
- 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 Government-owned and Controlled Corporation.The following information was taken from the accounts and records of the Helping HandsFoundation, a private, not-for-profit organization classified as a VHWO. All balances are as ofJune 30, 2014, unless otherwise noted.Unrestricted Support - Contributions $2,000,000Unrestricted Support - Membership Dues 640,000Unrestricted Revenues - Investment Income 80,000Temporarily restricted gain on sale of investments 25,000Expenses - Program Services 1,860,000Expenses - Supporting Services 350,000Expenses - Supporting Services 550,000Temporarily Restricted Support - Contributions 640,000Temporarily Restricted Revenues - Investment Income 60,000Permanently Restricted Support - Contributions 100,000Unrestricted Net Assets, July 1, 2013 450,000Temporarily Restricted Net Assets, July 1, 2013 2,100,000Permanently Restricted Net Assets, July 1, 2013 60,000 The unrestricted support from contributions was received in cash during the year. The expensesincluded $1,350,000 paid from temporarily-restricted…A domestic corporation, adopted a public elementary school and contributed P500,000 for the acquisition of computer equipment and software. The corporation has an operating income of P1,000,000 before this contribution expense.Compute the corporations’ net income, if the “adopt-a school project” is no longer a government priority program.