The Tacurong Company has the following business income and expenses in year 2020: Gross Income From Philippine sources: From business 450,000 Dividends from domestic corporation 80,000 From other countries: Saudi Arabia 180,000 Australia 75,000 Japan 190,000 Total foreign income tax paid is 60,000 and Philippine quarterly income tax paid is 42,000. a. Compute for the income tax still due and payable if Tacurong is a domestic corporation. b. Compute for the tax still due and payable if Tacurong is a resident foreign corporation.
The Tacurong Company has the following business income and expenses in year 2020: Gross Income From Philippine sources: From business 450,000 Dividends from domestic corporation 80,000 From other countries: Saudi Arabia 180,000 Australia 75,000 Japan 190,000 Total foreign income tax paid is 60,000 and Philippine quarterly income tax paid is 42,000. a. Compute for the income tax still due and payable if Tacurong is a domestic corporation. b. Compute for the tax still due and payable if Tacurong is a resident foreign corporation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Tacurong Company has the following business income and expenses in year 2020:
| Gross Income | |
| From Philippine sources: | |
| From business | 450,000 |
| Dividends from domestic corporation | 80,000 |
| From other countries: | |
| Saudi Arabia | 180,000 |
| Australia | 75,000 |
| Japan | 190,000 |
Total foreign income tax paid is 60,000 and Philippine quarterly income tax paid is 42,000.
a. Compute for the income tax still due and payable if Tacurong is a domestic corporation.
b. Compute for the tax still due and payable if Tacurong is a resident foreign corporation.
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