The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income provided the following in the photo: A. 550,000B. 6,500,000C. 9,250,000D. 15,750,000 GIVEN:Domestic corporationТахрауer:Tax period: 2021IN (Phils)P5,550,0002,100,000550,000200,000OUT (Abroad)8,000,0003,000,000DescriptionBusiness gross incomeBusiness expensesInterest income from long term bank depositInterest income from short term bank depositRoyalty incomeDividend income5,000,0009,250,0006,500,000COMPUTE: Exempt income

Income of domestic corporation from all over the world is subject to tax. However dividend received…

Answered: The taxpayer is a domestic corporation…

The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income provided the following in the photo: A. 550,000 B. 6,500,000 C. 9,250,000 D. 15,750,000

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

The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income provided the following in the photo:

A. 550,000

B. 6,500,000

C. 9,250,000

D. 15,750,000

GIVEN:
Domestic corporation
Тахрауer:
Tax period: 2021
IN (Phils)
P5,550,000
2,100,000
550,000
200,000
OUT (Abroad)
8,000,000
3,000,000
Description
Business gross income
Business expenses
Interest income from long term bank deposit
Interest income from short term bank deposit
Royalty income
Dividend income
5,000,000
9,250,000
6,500,000
COMPUTE: Exempt income

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