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2007 Corporate Income & Tax Data

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markjologaraci5
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8 views2 pages

2007 Corporate Income & Tax Data

Uploaded by

markjologaraci5
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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A corporation has the following data for the year 2007:

Gross Income, Philippines P1,000,000

Gross income, USA 500,000

Gross income, Japan 500,000

Expenses, Philippines 300,000

Expenses, USA 200,000

Expenses, Japan 100,000

Other Income:

Dividend from San Miguel Corp 70,000

Dividend from Ford Motors, USA 120,000

Gain, sale of San Miguel shares directly to buyer 150,000

Royalties, Philippines 50,000

Royalties, USA 100,000

Interest (other than from banks) 60,000

Rent, land USA 250,000

Other rent income 100,000


Prize, contest in Manila 200,000

Land sold in the Philippines (selling prize) 2,000,000

The cost of the land which is not used in business is P1M, while FMV is P3M, Its total tax

liability as a domestic corporation is:

A. P780,500 B. P913,600 C. P963,600 D. P980,500

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