Compute the income tax due for 2021 if Phils is a resident foreign corporation: * 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 P5,750,000 P2,750,000 P8,500,000 P6,800,000

Compute the income tax due for 2021 if Phils is a resident foreign corporation: * 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 P5,750,000 P2,750,000 P8,500,000 P6,800,000

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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Tree Inc. is a branch of Todd Corporation located in Foreignland. The corporate tax rate in Foreignland is 20% in year 1, and 23% in years 2 and 3. The corporate tax rate in the U.S. is 21% for all years. Below is additional information about different amounts: Year 1 Year 2 Year 3 Foreign Source Income 74000 94000 104000 Foreign Taxes Paid 14800 21620 23920 U.S. tax before FTC 15540 19740 21840 Questions: 1. What is the foreign tax credit allowed in the U.S. for each of the years? 2. What is the U.S. tax liability for each of the years? 3. In Year 3, how much excess foreign tax credit can Todd Corportation carry back?
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