BSBA Major in Business and Operations Management
De La Salle University - Dasmarinas
TAXATION - SUMMATIVE ASSESSMENT #3 PARTNERSHIP &
CORPORATIONS
1. MPG Institutes reported the following:
Related
Unrelated
Total
Gross Income
P300,000
P200,000
P500,000
Deductions
P100,000
P100,000
P200,000
Taxable Income
P200,000
P100,000
P300,000
Compute the tax due if the corporation is a regular domestic corporation
Answer: P90,000
2. Data for 2018 taxable year for Ronnie and Malu Partnership including the
partner’s own income are as follows:
RM Partnership
Ronnie
Malu
Gross Income
P2,000,000
P800,000
P1,000,000
Allowed
Deductions
P1,200,000
P400,000
P500,000
Drawing
Accounts (Ronnie)
P150,000
P30,000
P0
Drawing
Accounts (Malu)
P120,000
P0
P20,000
Single
Married
Civil Status
Profit/Loss Ratio
40%
60%
Assume the partnership is an ordinary partnership. The income tax due of Ronnie
is ____.
Answer: 30000
3. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is an offshore-banking unit?
Answer: 20,000
4. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a non-profit entity?
Answer: 0
5. RayTim Partnership is a general professional partnership, with Ray married and
Tim single participating equally in the income and expenses. The following are the
data for the partnership if the partners in 2018:
RT Partnership
Ray
Tim
Gross Income
P600,000
P150,000
P200,000
Expenses
P350,000
P70,000
P120,000
The gross income of Ray from the partnership is:
Answer: P125,000
6. Data for 2018 taxable year for Ronnie and Malu Partnership including the
partner’s own income are as follows:
RM Partnership
Ronnie
Malu
Gross Income
P2,000,000
P800,000
P1,000,000
Allowed
Deductions
P1,200,000
P400,000
P500,000
Drawing
Accounts (Ronnie)
P150,000
P30,000
P0
Drawing
Accounts (Malu)
P120,000
P0
P20,000
Civil Status
Single
Married
Profit/Loss Ratio
40%
60%
Assume the partnership is a general professional partnership. The income tax due
of Ronnie is ____.
Answer: 110000
7. John and Lance are partners in a business partnership sharing profits and losses in
the ratio of 55:45. The following data on income and expenses of the partnership
for 2018 show:
Gross Income
P750,000
Expenses
P200,000
Dividend received from a domestic
corporation
P20,000
Bank Interest income, Metro Bank
(net)
P80,000
The total distributable income of the partnership is ______
Answer: 485,000
8. A resident foreign corporation reported the following income in its fifth year of
operations:
Within
Without
Total
Gross Income
P4,000,000
P3,000,000
P7,000,000
Less Deductions
P3,500,000
P3,400,000
P6,900,000
Gross Income
P500,000
(P400,000)
P100,000
Compute the Income Tax Due:
Answer: P150,000
9. A corporate taxpayer, had the following data on its fifth year of operation:
Philippine
Abroad
Total
Sales
P2,000,000
P3,000,000
P5,000,000
Less Cost of Services
P1,200,000
P1,800,000
P3,000,000
Gross Income from Operation
P800,000
P1,200,000
P2,000,000
Interest on Deposits
P50,000
P250,000
P300,000
Total Income
P850,000
P1,450,000
P2,300,000
Less Business Expenses
P800,000
P1,300,000
P2,100,000
Net Income
P50,000
P150,000
P200,000
What is the tax due assuming the taxpayer is a domestic corporation?
Answer: 45,000
10. Statement
A. For purposes of computing the distributive share of the partners of a general
professional partnership, the net income of the partnership shall be
computed in the same manner as a corporation.
B. Partners of a taxable partnership are considered as shareholders and profits
distributed to them by the partnership are considered as dividends
Answer: Statements 1 & 2 are true
11. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a non-profit entity.
Answer: 0
12. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a non-resident cinematographic
film owner, distributor, or lessor.
Answer: P100,000
13. The following are the total gross income of a domestic corporation which is
subject to MCIT:
Sales, net of discounts and allowances
Less: Cost of Sales
Gross Income from Operations
P4,000,000
Less: Cost of Sales
P2,400,000
Equals: Gross Income from
Operations
P1,600,000
Dividend Income
P100,000
Royalty Income
P250,000
Gain on Sale of Building
P150,000
Equals: Total Gross Income
P2,100,000
What is the minimum corporate income tax?
Answer: 35,000
14. XYZ & Company is a general professional partnership in trade and its 5th year of
operations. During the taxable year, it had a gross profit from sales and business
expenses of P2,000,000 and P1,000,000 respectively. X, Y, and Z share equally in
the profits and losses of the partnership.
The income tax due of the partners as a consequence of being a partner in the
partnership is
Answer: 0
15. John and Lance are partners in a business partnership sharing profits and losses in
the ratio of 55:45. The following data on income and expenses of the partnership
for 2018 show:
Gross Income
P750,000
Expenses
P200,000
Dividend received from a domestic
corporation
P20,000
Bank Interest income, Metro Bank
(net)
P80,000
The share of Lance from total distributable income of the partnership is ______
Answer: 218250
16. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a non-profit association, 60% of
its income was derived from unrelated activities.
Answer: 63,000
17. The following are the composition of the total gross income of a domestic
corporation which is subject ti MCIT:
Sales, net of discounts and allowances
Less: Cost of Sales
Gross Income from Operations
P4,000,000
Less: Cost of Sales
P2,400,000
Equals: Gross Income from
Operations
P1,600,000
Dividend Income
P100,000
Royalty Income
P250,000
Gain on Sale of Building
P150,000
Equals: Total Gross Income
P2,100,000
What is the regular corporate income tax if the corporation has a total allowable
deduction of P1,700,000?
Answer: 0(BASAHING MAIGI TANONG kung “SUBJECT TO” or “SUBJECT TI”)
18. Data for 2018 taxable year for Ronnie and Malu Partnership including the
partner’s own income are as follows:
Gross Income
RM Partnership
Ronnie
Malu
P2,000,000
P800,000
P1,000,000
Allowed
Deductions
P1,200,000
P400,000
P500,000
Drawing
Accounts (Ronnie)
P150,000
P30,000
P0
Drawing
Accounts (Malu)
P120,000
P0
P20,000
Civil Status
Single
Married
Profit/Loss Ratio
40%
60%
Assume the partnership is a general professional partnership. The income tax due
of Malu is ____.
Answer: 184000
19. RayTim Partnership is a general professional partnership, with Ray married and
Tim single participating equally in the income and expenses. The following are the
data for the partnership if the partners in 2018:
RT Partnership
Ray
Tim
Gross Income
P600,000
P150,000
P200,000
Expenses
P350,000
P70,000
P120,000
The income tax due on Tim’s income is:
Answer: 0
20. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a government owned and
controlled corporation?
Answer: P105,000
21. A corporation reported its first profits in 2020 since its start-up in 2017. The
following summarizes its results of operations:
Sales
P5,000,000
Less: Cost of Sales
P2,000,000
Gross Income
P3,000,000
Regular Allowable Deductions
P1,200,000
Special Allowable Deductions
P200,000
NOLCO
P500,000 , P1,900,000
Net Income
P1,100,000
What is the income tax due?
Answer: P330,000
22. RA partnership reported for the year net profit from trading amounting to
P800,000. The other income included interest income of P8,000, net of 20% final
withholding tax and dividend income from domestic corporation of P20,000 (gross
of tax). Assuming R and A share profits and losses equally.
The share of R from the distributable income of the partnership is:
Answer: 294,000
23. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a non-resident owner or lessor of
aircraft, machineries, and other equipment.
Answer: 30,000
24. John and Lance are partners in a business partnership sharing profits and losses
in the ratio of 55:45. The following data on income and expenses of the
partnership for 2018 show:
Gross Income
P750,000
Expenses
P200,000
Dividend received from a domestic
corporation
P20,000
Bank Interest income, Metro Bank
(net)
P80,000
The correct amount of final tax to be withheld by the partnership on the share of
Lance is ______
Answer: 650200 ;
21,825 ; 247500; 227500; 16506; try21825, 218250, 0 ,
EXEMPT
25. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is an international carrier?
Answer: 10,000
26. The following are the composition of the total gross income of a domestic
corporation which is subject to MCIT:
Sales, net of discounts and allowances
Less: Cost of Sales
Gross Income from Operations
P4,000,000
Less: Cost of Sales
P2,400,000
Equals: Gross Income from
Operations
P1,600,000
Dividend Income
P100,000
Royalty Income
P250,000
Gain on Sale of Building
P150,000
Equals: Total Gross Income
P2,100,000
What is the minimum corporate income tax?
Answer: 35,000
27. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a government-owned and
controlled corporation:
Answer: 105,000
28. Scotch Corporation had the following MCIT & RCIT historical data:
2017
2018
2019
2020
MCIT
P120,000
P200,000
P190,000
P170,000
RCIT
P110,000
P220,000
P0
P180,000
What is the tax due and payable respectively in 2017 and 2018?
Answer: 120,000;210,000
29. BaVor Shipping Company reported the following gross receipts and deductions
during the year
Incoming
shipments
Outgoing
Shipments
Total
Gross Receipts
P2,000,000
P3,000,000
P5,00,000
Less: Deductions
P1,500,000
P2,000,000
P3,500,000
Net Income
P500,000
P1,000,000
P1,500,000
Compute the tax due assuming the corporate taxpayer is domestic shipping carrier
Answer: 450,000
30. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a domestic corporation.
Answer: 105,000
31. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a private proprietary educational
institution or a non-profit hospital majority of its income is from unrelated
activities.
Answer: 35,000
32. A corporate taxpayer, had the following data on its fifth year of operation:
Philippine
Abroad
Total
Sales
P2,000,000
P3,000,000
P5,000,000
Less Cost of Services
P1,200,000
P1,800,000
P3,000,000
Gross Income from Operation
P800,000
P1,200,000
P2,000,000
Interest on Deposits
P50,000
P250,000
P300,000
Total Income
P850,000
P1,450,000
P2,300,000
Less Business Expenses
P800,000
P1,300,000
P2,100,000
Net Income
P50,000
P150,000
P200,000
What is the tax due assuming the taxpayer is a resident-foreign corporation?
Answer: P16,000
33. Data for 2018 taxable year for Ronnie and Malu Partnership including the
partner’s own income are as follows:
RM Partnership
Ronnie
Malu
Gross Income
P2,000,000
P800,000
P1,000,000
Allowed
Deductions
P1,200,000
P400,000
P500,000
Drawing
Accounts (Ronnie)
P150,000
P30,000
P0
Drawing
Accounts (Malu)
P120,000
P0
P20,000
Civil Status
Single
Married
Profit/Loss Ratio
40%
60%
Assume the partnership is an ordinary partnership. The income tax due of Malu is
____.
Answer: 55000
34. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a resident-foreign corporation?
Answer: P60,000
35. The following are the composition of the total gross income of a domestic
corporation which is subject to MCIT:
Sales net of discounts and allowances
P4,000,000
Less: Cost of Sales
P2,400,000
Gross Income from Operation
P1,600,000
Dividends Income
P100,000
Royalty Income
P250,000
Gain of Sale on Building
P150,000
Total Gross Income
P2,100,000
Shown above is the composition of the total gross income of a domestic
corporation which is subject to MCIT.
What is the MCIT?
Answer: 35,000
36. The following are the composition of the total gross income of a domestic
corporation which is subject to MCIT:
Sales, net of discounts and allowances
Less: Cost of Sales
Gross Income from Operations
P4,000,000
Less: Cost of Sales
P2,400,000
Equals: Gross Income from
Operations
P1,600,000
Dividend Income
P100,000
Royalty Income
P250,000
Gain on Sale of Building
P150,000
Equals: Total Gross Income
P2,100,000
What is the regular corporate income tax if the corporation has a total allowable
deduction of P1,700,000?
Answer: 15,000(Dalawa tong 15,000 answer basahing maigi question, nakabold sya
dito sa file)
37. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a non-resident foreign
corporation?
Answer: 120,000
38. MPG Institutes reported the following:
Related
Unrelated
Total
Gross Income
P300,000
P200,000
P500,000
Deductions
P100,000
P100,000
P200,000
Taxable Income
P200,000
P100,000
P300,000
Compute the tax due if the corporation is an exempt non-profit corporation
Answer: 30,000
39. John and Lance are partners in a business partnership sharing profits and losses in
the ratio of 55:45. The following data on income and expenses of the partnership
for 2018 show:
Gross Income
P750,000
Expenses
P200,000
Dividend received from a domestic
corporation
P20,000
Bank Interest income, Metro Bank
(net)
P80,000
The correct amount of final tax to be withheld by the partnership on the share of
John is ______
Answer: 26,675
40. The following are the composition of the total gross income of a domestic
corporation which is subject to MCIT:
Sales, net of discounts and allowances
Less: Cost of Sales
Gross Income from Operations
P4,000,000
Less: Cost of Sales
P2,400,000
Equals: Gross Income from
Operations
P1,600,000
Dividend Income
P100,000
Royalty Income
P250,000
Gain on Sale of Building
P150,000
Equals: Total Gross Income
P2,100,000
What is the regular corporate income tax if the corporation has a total allowable
deduction of P1,700,000?
Answer: 15,000(Dalawa tong 15,000 answer basahing maigi question, nakabold sya
dito sa file)
41. Shown below are the operating results of Bulalacao Corporation since its starts of
operation:
Gross Income
Deductions
2015
P4,000,000
P5,000,000
2016
P4,500,000
P5,000,000
2017
P5,500,000
P5,000,000
2018
P6,000,000
P5,800,000
2019
P6,500,000
P6,100,000
2020
P7,000,000
P6,200,000
What is the income tax due respectively in 2020?
Answer: P170,000
42. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a non-resident owner or lessor of
vessels.
Answer: 18,000
43. RayTim Partnership is a general professional partnership, with Ray married and
Tim single participating equally in the income and expenses. The following are the
data for the partnership if the partners in 2018:
RT Partnership
Ray
Tim
Gross Income
P600,000
P150,000
P200,000
Expenses
P350,000
P70,000
P120,000
The income due on partnership income is:
Answer: 105,000(WATCH OUT SA TANONG, “IF THE” or “AND THE”?)
44. RayTim Partnership is a general professional partnership, with Ray married and
Tim single participating equally in the income and expenses. The following are the
data for the partnership and the partners in 2018:
RT Partnership
Ray
Tim
Gross Income
P600,000
P150,000
P200,000
Expenses
P350,000
P70,000
P120,000
The income due on partnership income is:
Answer: 0 (WATCH OUT SA TANONG, “IF THE” or “AND THE”?)
45. Shown below are the operating results of Bulalacao Corporation since its starts of
operation:
Gross Income
Deductions
2015
P4,000,000
P5,000,000
2016
P4,500,000
P5,000,000
2017
P5,500,000
P5,000,000
2018
P6,000,000
P5,800,000
2019
P6,500,000
P6,100,000
2020
P7,000,000
P6,200,000
What is the income tax due respectively in 2018 and 2019?
Answer: P0;P120,000
46. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a domestic corporation?
Answer: 105,000
47. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is a resident-foreign corporation.
Answer: 60,000
48. Scotch Corporation had the following MCIT & RCIT historical data:
2017
2018
2019
2020
MCIT
P120,000
P200,000
P190,000
P170,000
RCIT
P110,000
P220,000
P0
P180,000
Base solely on the information provided, what is the tax due and payable
respectively in 2019 and 2020?
Answer: P120,000;P210,000
49. Data for 2018 taxable year for Ronnie and Malu Partnership including the
partner’s own income are as follows:
RM Partnership
Ronnie
Malu
Gross Income
P2,000,000
P800,000
P1,000,000
Allowed
Deductions
P1,200,000
P400,000
P500,000
Drawing
Accounts (Ronnie)
P150,000
P30,000
P0
Drawing
Accounts (Malu)
P120,000
P0
P20,000
Civil Status
Single
Married
Profit/Loss Ratio
40%
60%
Assume the partnership is an ordinary partnership. The income tax due of the
partnership is :
Answer: P240,000
50. BaVor Shipping Company reported the following gross receipts and deductions
during the year
Incoming
shipments
Outgoing
Shipments
Total
Gross Receipts
P2,000,000
P3,000,000
P5,00,000
Less: Deductions
P1,500,000
P2,000,000
P3,500,000
Net Income
P500,000
P1,000,000
P1,500,000
Compute the tax due assuming the corporate taxpayer is a resident-international
shipping carrier
Anser: 75,000
51. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a non-resident cinematographic
film owner, distributor, or lessor?
Answer: 100,000
51. MPG Institutes reported the following:
Related
Unrelated
Total
Gross
Income
P300,000
P200,000
P500,000
Deduction
s
P100,000
P100,000
P200,000
Taxable
Income
P200,000
P100,000
P300,000
Compute the tax due if the corporation is a proprietary educational institution or
non- profit hospital
Answer: 30000
52. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippine
s
Abroad
Total
Gross
Income
P400,000
P300,000
P700,000
Deduction
s
P200,000
P150,000
P350,000
Taxable
Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a proprietary educational institution or
a non- profit hospital majority of its income is from related activities
Answer: 35000
53. Scotch Corporation had the following MCIT & RCIT historical data:
2017
2018
2019
2020
MCI
T
P120,
000
P200,
000
P190,0
00
P170,0
00
RCIT
P110,
000
P220,
000
P0
P180,0
00
What is the tax due and payable respectively in 2019 and 2020?
Answer: 190000;0
54. Data for 2018 taxable year for Ronnie and Malu Partnership including the partner’s
own income are as follows:
RM
Partnersh
Ronnie
Malu
ip
Gross
Income
P2,000,00
0
P800,000
P1,000,00
0
Allowed
Deduction
s
P1,200,00
0
P400,000
P500,000
Drawing
Accounts
(Ronnie)
P150,000
P30,000
P0
Drawing
Accounts
(Malu)
P120,000
P0
P20,000
Civil
Status
Single
Married
Profit/Los
s Ratio
40%
60%
Assume the partnership is a general professional partnership. The income tax due of the
partnership is :
Answer: 0
55. RA partnership reported for the year net profit from trading amounting to P800,000.
The other income included interest income of P8,000, net of 20% final withholding tax
and dividend income from domestic corporation of P20,000 (gross of tax). Assuming R
and A share profits and losses equally.
The applicable tax on distributive share of A in the earnings of the partnership is
Try: 29,400
56. RA partnership reported for the year net profit from trading amounting to P800,000.
The other income included interest income of P8,000, net of 20% final withholding tax
and dividend income from domestic corporation of P20,000 (gross of tax). Assuming R
and A share profits and losses equally.
Total distributable income of the partnership:
Try: 588,000
57. John and Lance are partners in a business partnership sharing profits and losses in the
ratio of 55:45. The following data on income and expenses of the partnership for 2018
show:
The share of John from the distributable income of the partnership is
Answer: 266750
58. RayTim Partnership is a general professional partnership, with Ray married and Tim
single participating equally in the income and expenses. The following are the data for
the partnership if the partners in 2018:
The taxable income of Ray is:
Answer: 205000
59. A domestic corporation reported the following income in its fifth year of operations:
Within
Without
Total
Gross
Income
P4,000,00
0
P3,000,00
0
P7,000,00
0
Less
Deduction
s
P3,500,00
0
P3,400,00
0
P6,900,00
0
Gross
Income
P500,000
(P400,000
)
P100,000
Compute the Income Tax Due:
Answer: 140000
60. Brandy Corporation reported the following gross income and expenses in 2019:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
Compute the income tax due if the corporation is an international carrier.
Answer: 10000
61. A domestic corporation reported the following income in its fifth year of operation:
Within
Without
Total
Gross Income
P4,000,000
P3,000,000
P7,000,000
Less Deductions
P3,500,000
P3,400,000
P6,900,000
Gross Income
P500,000
(P400,000)
P100,000
Compute the income tax due
Answer: 140,000
62. Vernyce Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a proprietary educational
institution or a non-profit hospital majority of its income is from related activities?
Answer: 35,000
63. Brandy Corporation reported the following gross income and expenses in
2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is an offshore-banking unit?
Answer: 20,000
64. Brandy Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a non-resident foreign
corporation?
Answer: 120,000
65. Brandy Corporation reported the following gross income and expenses in 2020:
Philippines
Abroad
Total
Gross Income
P400,000
P300,000
P700,000
Deductions
P200,000
P150,000
P350,000
Taxable Income
P200,000
P150,000
P350,000
How much is income tax due if the corporation is a government owned and
controlled corporation?
Answer: P105,000
66. XYZ & Company is a general professional partnership in trade and its 5th year of
operations. During the taxable year, it had a gross profit from sales and business expenses
of P2,000,000 and P1,000,000 respectively. X, Y, and Z share equally in the profits and
losses of the partnership.
The income tax due of the partnership is ____
Answer: 300,000
67. XYZ & Company is a general professional partnership in trade and its 5th year of
operations. During the taxable year, it had a gross profit from sales and business expenses
of P2,000,000 and P1,000,000 respectively. X, Y, and Z share equally in the profits and
losses of the partnership.
The distributable income of the partnership is ____
Answer: 700,000