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Tax Due Under OSD and Itemized Deductions Problem For 2021, Lili Corp., a domestic corporation, has the following financial records: Gross Sales P7,500,000 P3,000,000 P2,500,000 Cost of Sales Itemized Deductions

Tax Due Under OSD and Itemized Deductions Problem For 2021, Lili Corp., a domestic corporation, has the following financial records: Gross Sales P7,500,000 P3,000,000 P2,500,000 Cost of Sales Itemized Deductions

FINANCIAL ACCOUNTING
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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Tax Due Under OSD and Itemized Deductions For 2021, Lili Corp., a domestic corporation, has the following financial records: Problem y Due Under OSD and Itemized Deductions Gross Sales P7,500,000 P3,000,000 P2,500,000 Cost of Sales Itemized Deductions
Transcribed Image Text:Tax Due Under OSD and Itemized Deductions For 2021, Lili Corp., a domestic corporation, has the following financial records: Problem y Due Under OSD and Itemized Deductions Gross Sales P7,500,000 P3,000,000 P2,500,000 Cost of Sales Itemized Deductions
For questions 4 to 6: 4. The taxpayer did not signify its intention to avail of the OSD in its first quarter ITR. Deduction allowed is 5. Taxable income is 6. Tax due is 1. Lili Corp.'s tax due is (higher, lower, or the same) when OSD is availed of compared to Itemized Deductions.
Transcribed Image Text:For questions 4 to 6: 4. The taxpayer did not signify its intention to avail of the OSD in its first quarter ITR. Deduction allowed is 5. Taxable income is 6. Tax due is 1. Lili Corp.'s tax due is (higher, lower, or the same) when OSD is availed of compared to Itemized Deductions.
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