The Tacurong Company has the following business income and expenses in year 2020: Gross Income From Philippine sources: From business P450,000 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 P60,000 and Philippine quarterly income tax paid is P42,000. 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 P450,000
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 P60,000 and Philippine quarterly income tax paid is P42,000.
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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