A domestic corporation, with total assets, excluding land, of more than P100 million, has the following tax
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Question:
A domestic corporation, with total assets, excluding land, of more than P100 million, has the following tax information for taxable years 2021 and 2022:
| 2021 (6th year of Operations) | 2022 (7th year of Operations) | |
| Gross income | P5,000,000 | P8,000,000 |
| Actual operating expenses | 7,000,000 | 3,000,000 |
| Net capital loss (other than from domestic shares of stock and real property) | 1,000,000 | 500,000 |
How much is the income tax PAYABLE for taxable year 2022
P1,125,000
P700,000
P1,150,000
P1,250,000
Expert Answer:
Related Book For 
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
