Compute for its Income Tax Due for CY 2021.
Chapter22: S Corporations
Section: Chapter Questions
Problem 16CE
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XYZ Corporation, a manufacturer, has a gross sales of P190M for CY 2021, its 2nd year of operation. Its total assets amounted to P50M, net of the value of the land of P6M where its manufacturing plant and business operations are situated. Its cost of sales and allowable operating expenses amounted to P100M and P85M, respectively. Compute for its Income Tax Due for CY 2021.
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