A Domestic Corporation provided the following results of operations for 2020 taxable year: Sales Cost of sales Dividend income from DC Dividend income from RC 6,200,000 Salaries and wages excluding fringe benefits/de minimis 2,500,000 De minimis benefits provided to rank and file 60,000 30,000 350,000 70,000 De minimis benefits provided to managerial employees Fringe benefits provided to rank and file 30,000 50,000 Dividend income from NRC 20,000 Interest income from notes receivable 75,000 Fringe benefits provided to managerial employees Taxes and licenses 156,000 50,000 Interest income from peso bank deposits in Manila 100,000 Interest income from $ deposits in Taguig Interest income from bank deposits abroad 40,000 30,000 Refund of local business taxes and licenses from 2019 Tax assessment on unpaid local business taxes Interest expense on the tax assessment 10,000 100,000 15,000 Royalty income 40,000 Surcharge and penalties on the tax assessment 25,000 Capital gain on sale at 6M of land in the Philippines held for 10 years Capital gain in sale of a 10-year bonds of a domestic corporation held for 8 years 500,000 Utilities expense 100,000 30,000 Casualty losses 60,000 Capital loss on sale of bonds of a domestic corporation held for 1 year 20,000 Capital gains on sale of shares of stocks of a domestic corporation held for 6 months, sold directly to a buyer 15,000 Shrinkage on the value of short-term debt securities Depreciation expense 5,000 30,000 Capital gains on sale of shares of stocks of a domestic corporation held for 6 months, sold thru PSE 12,500 Dividend declared and paid 200,000 Income from trust indenture with Security bank Provision for bad debts 25,000 15,000 Income tax paid for the first 3 quarters 75,000 Bad debts written off 20,000 Recovery of bad debts written-off preceding year 10,000 Using optional standard deductions, determine the income tax payable at the end of the year (Train law).

Which of the following condition that is likely to force the U.S. firms to establish a subsidiary in the foreign country even if production costs are higher in a foreign country. A. The host government of that country increases all quotas. B. The host government of that country eliminates all quotas. C. The host government of that country eliminates all tariffs. D. The host government of that country reduces all quotas.

QUESTION 8 The U.S balance of payments involves all of the following except foreign investment. private grants. government grants. commercial bank deposits in dollars from foreigners.

Short bio on the Australian Dollar (AUD) and its importance to global trade.