1. BBM Diploma Distributors Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a non-stock, non-profit educational institution which uses all its revenues or income for educational and charitable purposes. Group of answer choices P1,500,000.00 Exempt Exempt insofar as "As such" is concerned P837,500.00
1. BBM Diploma Distributors Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a non-stock, non-profit educational institution which uses all its revenues or income for educational and charitable purposes. Group of answer choices P1,500,000.00 Exempt Exempt insofar as "As such" is concerned P837,500.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. BBM Diploma Distributors Corp has the following data for the year ended December 31, 2021:
PH USA
Gross Income: P6,000,000.00 $50,000.00
Deductions: P4,000,000.00 $20,000.00
Dollar Rate P45:$1
Determine income tax due assuming the company is a non-stock, non-profit educational institution which uses all its revenues or income for educational and charitable purposes.
Group of answer choices
P1,500,000.00
Exempt
Exempt insofar as "As such" is concerned
P837,500.00
2.
What is the jurisdiction of the Commissioner of Internal Revenue as regards the interpretation of Tax Laws?
Group of answer choices
Concurrent Original
Concurrent Appellate
Exclusive Appellate
Exclusive Original
3.
It includes any gain from the sale or exchange of property which is not a capital assets.
Group of answer choices
Ordinary Income
Gross Income
Gain on Sale of Assets
Net Income
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