Taxation - assignment - Problem 1

A resident foreign corporation has the following income and expenses for the year:   Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000   1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?

The subsidiary of a U.S. corporation located in Country Y generated income of $1,000,000 on which it paid $200,000 in taxes to Country Y. The subsidiary paid a dividend to the U.S. parent of $150,000. How much tax is currently owed to the U.S. government if the federal tax rate is 35%? Multiple Choice $52,500 $0 $35,625 $32,500

Assume that it is a domestic corporation using itemized deduction, compute the net taxable income

Phils. Corporation reported the following gross income and expenses   Philippines Overseas   Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000         Compute the income tax due for 2019 if Phils is a domestic corporation:  P10,200,000 P6,900,000 P8,500,000 P6,800,000

Epic Inc. is a CCPC with a December 31 taxation year end. The following information relates to the 2021 taxation year.   1. The Company had Canadian source active business income of $237,000. Of this total, it was determined that $126,000 qualified as M&P profits under ITR 5200.   2. The Company received $25,500 in foreign investment income. This was net of $4,500 foreign income tax withheld.   3. Net income for 2021 is $277,000. This is made up of the $237,000 in active business income, the $30,000 in foreign investment income, and $10,000 in taxable capital gains.   4. Because of a $50,000 2019 non-capital loss balance that was claimed taxable income is $227,000.   5. The Company shares the annual business limit for the small business deduction with two other companies. Epic's allocated share of the business limit is $200,000.   6. Assume that the foreign tax credit for foreign investment income is equal to the amount withheld.   7. For the 2020 taxation year, the combined…

For the current year, 2022, net income for tax purposes is $264,600. Included in this amount is the following: Income from an active business carried on in Canada Taxable capital gain Eligible dividends from Canadian public companies Canadian bond interest The following is a summary of other information for Wrap Ltd. for the 2022 year: Taxable income Capital dividend paid Eligible dividend paid Non-eligible dividend paid Small business deduction Total Federal Part I tax payable $200,200 6,200 18,000 40,200 $236,200 12,200 10,200 75,200 38,038 32,120 Required: Determine the dividend refund for 2022. Would the dividend refund change if Wrap Ltd. was not a CCPC but instead was a private corporation or a public corporation? (Use 0.3067 when multiplying to represent 30% %. and 0.3833 when multiplying to represent 38 1/3%. Do not multiply by more than 4 decimal places and round your final answer to the nearest dollar. Enter subtractions as negative amounts.)