Question: P5.3 (DC, RFC and NRFC) The following data were provided by Mine Corporation for 2021 taxable year: Gross sales - Philippines P8,000,000 3,500,000 2,200,000
P5.3 (DC, RFC and NRFC) The following data were provided by Mine Corporation for 2021 taxable year: Gross sales - Philippines P8,000,000 3,500,000 2,200,000 750,000 4,600,000 Cost of goods sold - Philippines Operating expenses - Philippines Other income - Philippines Gross sals - USA Cost of goods sold - USA Operating expenses - USA Gross sales - Australia Cost of goods sold - Australia Operating expenses - Australia 1,430,000 1,250,000 3,300,000 900,000 800,000 REQUIRED: Determine the income tax due assuming: 1. The corporation is a domestic corporation 2. The corporation is a resident corporation 3. The corporation is a nonresident corporation
Step by Step Solution
3.46 Rating (156 Votes )
There are 3 Steps involved in it
1 1642500 2 762500 3 1312500 Stepbystep explanation a Under the Tax Code a domestic corporation is t... View full answer
Get step-by-step solutions from verified subject matter experts
