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Calculate its income tax after tax credit

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Problem - The Rainbow Corp. provided the following data for calendar year ending Dec. 31, 2014: ($ 1 - P50)

 

PHILIPPINES

ABROAD

GROSS INCOME

P5,000,000

$50,000

DEDUCTIONS

P2,000,000

$15,000

INCOME TAX PAID

 

5,000

Required - If it is a domestic corporation, calculate its income tax after tax credit?

Reference no: EM132847308

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