The taxpayer had the following data at the end of its 10th year of operations:

Assuming that the taxpayer is a domestic corporation claiming itemized deductions, how much is the income tax due for the year?

choices

P741,400
 

P1,230.000

P1,537,500

P1,525,000

Transcribed Image Text:

Total Assets, excluding land, P60 million INCOME Sales Rentals Interest from Peso bank deposit Interest from FC bank deposit Dividends from domestic corporation COSTS & EXPENSES Cost of goods sold Operating expenses Philippines P15,000,000 P5,000,000 600,000 40,000 30,000 South Korea 100,000 0 0 50,000 6,000,000 2,000,000 4,000,000 2,500,000 Total Assets, excluding land, P60 million INCOME Sales Rentals Interest from Peso bank deposit Interest from FC bank deposit Dividends from domestic corporation COSTS & EXPENSES Cost of goods sold Operating expenses Philippines P15,000,000 P5,000,000 600,000 40,000 30,000 South Korea 100,000 0 0 50,000 6,000,000 2,000,000 4,000,000 2,500,000

Answer rating: 100% (QA)

Sales PH 15000000 Less Cost of Goods Sold PH 6000000 Sales South Korea ... View the full answer