16. ABC Corporation shows the following transactions included while calculating the net profit. Worth of $115000...

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16. ABC Corporation shows the following transactions included while calculating the net profit. Worth of $115000 is tax exempted interest income, expenses incurred during the year $387000 which are not deductible and allowed expenses are $750000 which have not considered while calculating profits. Besides $22000 worth of taxable income has not included in the above net profit. The tax rate applicable to the company is 21%. Calculate the due amount of corporation tax The book profit of ABC company shows $5,515,000 for the year. Calculate taxable income and tax liability @ 21% 16. ABC Corporation shows the following transactions included while calculating the net profit. Worth of $115000 is tax exempted interest income, expenses incurred during the year $387000 which are not deductible and allowed expenses are $750000 which have not considered while calculating profits. Besides $22000 worth of taxable income has not included in the above net profit. The tax rate applicable to the company is 21%. Calculate the due amount of corporation tax The book profit of ABC company shows $5,515,000 for the year. Calculate taxable income and tax liability @ 21%

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To calculate the taxable income and tax liability for ABC Corporation we need to consider the ... View the full answer