Taxpayer: Domestic Corporation engaged in manufacturing business Taxable period data: Item IN Sales 8,000,000 Cost of sales 3,000,000 Incidental income 500,000 Other income (non-operating) 200,000 Allowable operating expenses 1,800,000 Allowable NOLCO 300,000 Total assets, excluding land on which business plant, equipment, and office are situated 80,000,000 How much is the net taxable income using itemized deductions? How much is the regular corporate income tax using itemized deductions?. How much is the net taxable income using OSD? How much is the regular corporate income tax using OSD? Assuming that all conditions are met, how much is the minimum corporate income tax (MCIT)?
Taxpayer: Domestic Corporation engaged in manufacturing business Taxable period data: Item IN Sales 8,000,000 Cost of sales 3,000,000 Incidental income 500,000 Other income (non-operating) 200,000 Allowable operating expenses 1,800,000 Allowable NOLCO 300,000 Total assets, excluding land on which business plant, equipment, and office are situated 80,000,000 How much is the net taxable income using itemized deductions? How much is the regular corporate income tax using itemized deductions?. How much is the net taxable income using OSD? How much is the regular corporate income tax using OSD? Assuming that all conditions are met, how much is the minimum corporate income tax (MCIT)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Taxpayer: Domestic Corporation engaged in manufacturing business
Taxable period data:
|
Item |
IN |
|
Sales |
8,000,000 |
|
Cost of sales |
3,000,000 |
|
Incidental income |
500,000 |
|
Other income (non-operating) |
200,000 |
|
Allowable operating expenses |
1,800,000 |
|
Allowable NOLCO |
300,000 |
|
Total assets, excluding land on which business plant, equipment, and office are situated |
80,000,000 |
- How much is the net taxable income using itemized deductions?
- How much is the regular corporate income tax using itemized deductions?.
- How much is the net taxable income using OSD?
- How much is the regular corporate income tax using OSD?
- Assuming that all conditions are met, how much is the minimum corporate income tax (MCIT)?
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