Palawan Co, a domestic partnership had the following data for the year 2014: a. Gross sales...

   

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Palawan Co, a domestic partnership had the following data for the year 2014: a. Gross sales b. Sales returns and allowances c. Cost of goods purchased and sold d. Interest income from bank deposits-Phil e. Interest income on receivables 980,500.00 15,700.00 320,000.00 12,500.00 14,600.00 f. Cash dividend income from a domestic corp 8,750.00 g. Property dividend income from foreign corp 6,250.00 h. Sale of shares of stocks in a domestic corp held as capital assets, Sold thru a local stock exchange Acquisition cost 28,600.00 Sales price 76,000.00 i. Interest income on bank deposit in Phil under the expanded FCDS j. Interest income on money market placement in Phil 60,000.00 25,000.00 k. Business expenses 460,000.00 1. Non deductible business expenses (included in letter k above) m. Gain from sale of shares of stocks of domestic corp held as capital 70,200.00 Asset, sold outside the local stock exchange 63,000.00 n. Royalty income from Philippines 52,000.00 o. Sale of real property situated in the Phil held as capital asset; Cost price 875,000.00 Gross sales price 615,000.00 730,000.00 Fair market value Required: Compute for the basic corporate income tax, minimum corporate income tax, Income tax due and final income taxes. Palawan Co, a domestic partnership had the following data for the year 2014: a. Gross sales b. Sales returns and allowances c. Cost of goods purchased and sold d. Interest income from bank deposits-Phil e. Interest income on receivables 980,500.00 15,700.00 320,000.00 12,500.00 14,600.00 f. Cash dividend income from a domestic corp 8,750.00 g. Property dividend income from foreign corp 6,250.00 h. Sale of shares of stocks in a domestic corp held as capital assets, Sold thru a local stock exchange Acquisition cost 28,600.00 Sales price 76,000.00 i. Interest income on bank deposit in Phil under the expanded FCDS j. Interest income on money market placement in Phil 60,000.00 25,000.00 k. Business expenses 460,000.00 1. Non deductible business expenses (included in letter k above) m. Gain from sale of shares of stocks of domestic corp held as capital 70,200.00 Asset, sold outside the local stock exchange 63,000.00 n. Royalty income from Philippines 52,000.00 o. Sale of real property situated in the Phil held as capital asset; Cost price 875,000.00 Gross sales price 615,000.00 730,000.00 Fair market value Required: Compute for the basic corporate income tax, minimum corporate income tax, Income tax due and final income taxes.

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To compute the basic corporate income tax minimum corporate income tax income tax due and final income taxes for Palawan Co for the year 2014 we need ... View the full answer