ABC Company has the following data for the current taxable year: Philippines Singapore Gross Sales 3,000,000 2,000,000
Question:
ABC Company has the following data for the current taxable year:
Philippines | Singapore | |
Gross Sales | 3,000,000 | 2,000,000 |
Cost of Sales | 1,200,000 | 800,000 |
Other Income | 600,000 | 400,000 |
Total Itemized Business Expenses | 1,200,000 | 540,000 |
1. In addition, ABC Company earned an income of 700,000 during the taxable year that cannot be identified if sourced from within the Philippines or From Singapore. How much is the corporate tax liability if it is a Domestic corporation using itemized deduction?
2. In addition, ABC Company earned an income of 700,000 during the taxable year that cannot be identified if sourced from within the Philippines or From Singapore. How much is the tax liability if it is a Resident foreign corporation using optional standard deduction?
3. In addition, ABC Company earned an income of 700,000 during the taxable year that cannot be identified if sourced from within the Philippines or From Singapore. How much is the tax liability if it is a Non-resident foreign corporation assuming income from within the Philippines is derived from interest, rents and dividends?
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas