7. Y Corporation, a family-closed corporation, had the following selected data for 201A, the accumulated earnings for which year the BIR considered to be improper: Non-taxable gain on life insurance of Y Co.'s president Income tax due 201A Quarterly income tax paid Dividend declared and paid during the year Reserve for maturing bonds in 201B Tax-exempt dividend income from resident corporation Net-operating loss carry-over (NOLCO) deducted Capital gain on direct sale to the buyer of shares of another domestic corporation, net of final tax Interest income on peso deposit, net of final tax Compute the amount of improperly accumulated earnings tax (IAET). P900,000 780,000 580,000 440,000 300,000 200,000 100,000 85,000 16,000
7. Y Corporation, a family-closed corporation, had the following selected data for 201A, the accumulated earnings for which year the BIR considered to be improper: Non-taxable gain on life insurance of Y Co.'s president Income tax due 201A Quarterly income tax paid Dividend declared and paid during the year Reserve for maturing bonds in 201B Tax-exempt dividend income from resident corporation Net-operating loss carry-over (NOLCO) deducted Capital gain on direct sale to the buyer of shares of another domestic corporation, net of final tax Interest income on peso deposit, net of final tax Compute the amount of improperly accumulated earnings tax (IAET). P900,000 780,000 580,000 440,000 300,000 200,000 100,000 85,000 16,000
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 45P
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