Tommy Corporation reported a pretax financial income of P5,000,000 for the year ended December 31, 2019. The following items are included in the determination of the financial income: Provision for litigation loss which will become tax deductible when settled in the future, P300,000; Realized revenue that has yet to be received, P400,000; Other unearned revenue, P150,000; Dividend received from a domestic corporation, P100,000. If the tax rate is 32% for all years, what amount if total tax expense and current tax expense should Tommy report, respectively?
Tommy Corporation reported a pretax financial income of P5,000,000 for the year ended December 31, 2019. The following items are included in the determination of the financial income: Provision for litigation loss which will become tax deductible when settled in the future, P300,000; Realized revenue that has yet to be received, P400,000; Other unearned revenue, P150,000; Dividend received from a domestic corporation, P100,000. If the tax rate is 32% for all years, what amount if total tax expense and current tax expense should Tommy report, respectively?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 2P
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