CHEN Corporation (domestic corporation) provides the following data during 2021 taxable year: Gross income from: Sale...
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CHEN Corporation (domestic corporation) provides the following data during 2021 taxable year: Gross income from: Sale of merchandise Rent income (gross of 5% withholding tax) Miscellaneous income Operating expenses Interest income from savings deposit Interest income from government bonds Interest income from FCDU bank deposits Dividend income from domestic a corporation Dividend income from foreign a corporation Gain on sale of shares of domestic corporation sold directly to a buyer Gain on sale of real property in the Philippines held as investment. The property was acquired at a cost of P 2,000,000 Gain on sale of real property abroad held as investment. The property was acquired at a cost of P 2,000,000 10,000,000 2,000,000 3,000,000 7,000,000 100,000 100,000 150,000 125,000 50,000 125,000 200,000 250,000 100,000 100,000 Withholding tax on rent income Income tax paid in the first 3 quarters of the year Question 1: Determine the corporation's regular corporate income tax payable. CHEN Corporation (domestic corporation) provides the following data during 2021 taxable year: Gross income from: Sale of merchandise Rent income (gross of 5% withholding tax) Miscellaneous income Operating expenses Interest income from savings deposit Interest income from government bonds Interest income from FCDU bank deposits Dividend income from domestic a corporation Dividend income from foreign a corporation Gain on sale of shares of domestic corporation sold directly to a buyer Gain on sale of real property in the Philippines held as investment. The property was acquired at a cost of P 2,000,000 Gain on sale of real property abroad held as investment. The property was acquired at a cost of P 2,000,000 10,000,000 2,000,000 3,000,000 7,000,000 100,000 100,000 150,000 125,000 50,000 125,000 200,000 250,000 100,000 100,000 Withholding tax on rent income Income tax paid in the first 3 quarters of the year Question 1: Determine the corporation's regular corporate income tax payable.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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