7. An offshore banking unit had the following offshore banking transactionswithin the Philippines during the taxable quarter ending Sep. 30, 2021:IncomeWith local commercial banksWith domestic corporationsWith other offshore banking unitsWith nonresidents1,950,000If the offshore banking unit can claim allowable deduction of P 2,830,000,how much is the offshore banking unit's income tax due?2,280,000912,0001,200,0003,400,0004,700,000O2,736,0002,650,000

The offshore banking units means the banking units that are the branch of foreign banks approved by…

Answered: If the offshore banking unit can claim…

If the offshore banking unit can claim allowable deduction of P 2,830,000, how much is the offshore banking unit's income tax due? 1,950,000 2,280,000 912,000 2,736,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

7. An offshore banking unit had the following offshore banking transactions
within the Philippines during the taxable quarter ending Sep. 30, 2021:
Income
With local commercial banks
With domestic corporations
With other offshore banking units
With nonresidents
1,950,000
If the offshore banking unit can claim allowable deduction of P 2,830,000,
how much is the offshore banking unit's income tax due?
2,280,000
912,000
1,200,000
3,400,000
4,700,000
O2,736,000
2,650,000

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