Compute for the following: 1. Income tax due 2. Final tax on passive income Unity Corporation...
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Compute for the following: 1. Income tax due 2. Final tax on passive income Unity Corporation is a domestic corporation engaged in consulting services, is on its 4th year of operations in 2014. The following data relate to its operations for the taxable year 2014: Gross receipts - 18,000,000 Sales Returns and Allowances - 360,000 Sales Discounts - 900,000 Cost of services - 5,000,000 Deductions - 16,190,000 Interest on Notes receivable - 100,000 Dividends from Aerobics corporation - 250,000 Corporation, a domestic Capital Gain on Sale of Land and Building at market value P6,000,000 (higher than selling price) - 2,000,000 Compute for the following: 1. Income tax due 2. Final tax on passive income Unity Corporation is a domestic corporation engaged in consulting services, is on its 4th year of operations in 2014. The following data relate to its operations for the taxable year 2014: Gross receipts - 18,000,000 Sales Returns and Allowances - 360,000 Sales Discounts - 900,000 Cost of services - 5,000,000 Deductions - 16,190,000 Interest on Notes receivable - 100,000 Dividends from Aerobics corporation - 250,000 Corporation, a domestic Capital Gain on Sale of Land and Building at market value P6,000,000 (higher than selling price) - 2,000,000
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To compute the income tax due for Unity Corporation and the final tax on passive income we first nee... View the full answer
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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