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Tax on Corporations
Exercises
Philippines Foreign
Gross Income P400, 000 P300, 000
Expense 200, 000 200, 000
The taxable income, if a domestic corporation and the data are on business,
is:
a. P200, 000 c.P100, 000
b. P300, 000 d. P400, 000
11.A domestic corporation in its fifth year of operations in 2010, had the
following data:
Sales P2, 000, 000
Cost of Sales 1, 000, 000
Business Expense 950, 000
AB A B
Gross Income P600, 000 P150, 000 P200, 000
Expenses 350, 000 70, 000 120, 000
14.During 2011, MacDo Inc., branch of a foreign company doing business in the
Philippines had the following income and expense:
Gross Income, business within P80, 000, 000
Less: Expenses within 30, 000, 000
Taxable Income P50, 000, 000
Less: Income Tax (P50, 000, 000 x 30%) 15, 000, 000
Net Income after tax P30, 000, 000
During the year, the branch received a dividend of P5, 000, 000 from SMC
(domestic). The following year, it earmarked for remittance to the head office
the dividend of P5, 000, 000 and P20, 000, 000 of its net income after tax in
the previous year. The branch profit remittance tax is:
15.A domestic corporation had the following data for 2011, the accumulated
earnings for which year the Bureau of Internal revenue considered to be
improper:
17.In no. 16, the income tax due for the year 2008 is
a. P50, 000 c. P20, 000
b. P30, 000 d. P0
18.In no. 16, the income tax due for the year 2010 is:
a. P40, 000 c. P10, 000
b. P20, 000 d. P0
19.In no. 16, the income tax due for the year 2011 is:
a. P30, 000 c. P40, 000
b. P70, 000 d. P0
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