A domestic corpo P6,000,000 Gross profit from sales Dividend from domestic corporation Capital gain on land in the Philippines held for two months (Sold at P1.5M) Capital gain on share of closely held domestic corporation held for 2 months Business expenses Capital loss on sale of bonds of domestic corporation held for 6 months 50,000 500,000 180,000 3,400,000 60,000 Required: Determine the total capital gains tax

A domestic corpo P6,000,000 Gross profit from sales Dividend from domestic corporation Capital gain on land in the Philippines held for two months (Sold at P1.5M) Capital gain on share of closely held domestic corporation held for 2 months Business expenses Capital loss on sale of bonds of domestic corporation held for 6 months 50,000 500,000 180,000 3,400,000 60,000 Required: Determine the total capital gains tax

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3.000,000 25,000 2,000,000 | P17,450,000| P30.025.000 | 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines. a. P15,000,000 b. P15,900,000 c. P17,450,000 d. P47,475,000
Accounting During the current year, S Ltd. has net taxable capital gains of $50,000, receives dividends from taxable Canadian corporations of $40,000, and earns interest income of $20,000. Taxable Income for the year equals $260,000, of which $200,000 is eligible for the small business deduction. The Company's additional refundable tax for the year is equal to: $6,402 $10,667 $ 7,040 $ 8,427
a. What is the Taxable Income? b. Assume F5 corporation is a resident foreign corporation, how much is the taxable income?
1 Calculate the Tax implications if the company has earnings before taxes of $ 350,000.00 Both if the company is a Corporation or Sole proprietorship What is the total taxes, average rate and the marginal tax rate Corporate Tax Rate: Total Taxes as Coorporation Personal Marginal Income Tax Rates: Single: Taxable Income Over--- 0 9,525 38,700 82,500 157,500 200,000 500,000 Total Tax Paid Marginal Tax Rate Average Tax Rate Taxable Income 350000 But not over Over--- 0 9,525 38,700 82,500 157,500 200,000 500,000 === 9,525 38,700 82,500 157,500 200,000 500,000 But not over --- 9,525 38,700 82,500 157,500 200,000 500,000 Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% 21% Difference Incremental Taxes Cumulative Taxes
PHILIPPINES -
F5 Corporation, a domestic corporation had the following data during the calendar year 2020 Gross Income, Philippines P10,000,000 4,000,000 Allowable itemized deductions/expenses Dividend income FROM: a) Domestic corporation 1,000,000 b) Foreign corporation, 80% of its gross income were derived from the Philippines 1,000,000 c) Foreign corporation, 60% of its gross income were derived from the Philippines 800,000 d) Foreign corporation, 25% of its gross income were derived from the Philippines 400,000 49. The taxable income is a. P9,200,000 c. P8,200,000 b. P7,500,000 d. P7,430,000
The following information were taken from the records of ABC Inc., a domestic corporation in its 4th year of operations: Gross profit from sales Capital gain on sale directly to buyer of shares in a domestici corporation Dividend received during the month of December from: Domestic corporation Resident foreign corporation (the ratio of gross income in the Philippines over gross income from all sources for the past 3 years is 80%) Interest on: Bank deposit Trade receivable Business expenses Income tax withheld Quarterly income tax payments Excess tax payment 2020 Assets P31,000,000 1,000,000 c. P1,037,500 d. P1,065,000 200,000 100,000 200,000 500,000 21,000,000 1,150,000 600,000 100,000 125,000,000 How much is the income tax payable assuming the taxable year is 2020? a. P330,000 b. P430,000
Dakota, a self-employeed resident citizen provided the following data for 2018 taxable year sales php 2,800,000 cost of sale 1,125,000 business expenses 650,000 interest income from peso bank deposit 80,000 interest income from deposit under FCDS 120,000 gain on sale of land in the philippines held as a capital asset with cost php 1,500,000 when zonal is php 1,200,000 500,000 How much is the total income tax expense of Dakota for the year P321,500 P342,500 P351,500 P358,000
Company B, a CCPC provides you with the following income data for this fiscal year: Aggregate Investment Income: $4,000 Active Business Income: $2,000 Canadian Dividends Connected (50% ownership, dividend refund received $1,500): $4,000 Canadian Dividends Non-connected: $3,000 What is Company's B's Taxable Income for this year ?
ABC is in its third year of operations. He had the following data for the current year: a. P 1, 000, 000 b. P 500, 000 c. P 1, 500, 000 d. 0 e. Answer not given
13. A U.S. corporation established a 100% owned business in Germany. The U.S. corporation has U.S. source income in the current year of $300,000. The German business reports the following information for the current year: German-source net income 200,000 German income tax 80,000 Net income after taxes 120,000 Cash remitted to U.S. owner 30,000 German withholding tax 3,000 Cash received by U.S. owner 27,000 Assume the business is a foreign branch and that the income is subpart F income. What is the U.S. corporation’s taxable income? a. $300,000 b. $330,000 c. $350,000 d. $500,000
22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad. Compute the income tax due a. P 650,000 О Б.Р 500,000 O c. P 550,000 O d. P 600,000 23. Assuming the corporation in question number 22 is foreign corporation. What will be the income tax due * a. P 600,000 О Б. Р650,000 с. Р360,000 O d. P300,000