Reference no: EM132783238
A corporate taxpayer showed us its data for 2019 as follows:
Business Income - Philippines P960,000
Business Income - US 740,000
Business Income - Canada 425,000
Business Expenses - Philippines 718,500
Business Expenses - US 531,600
Business Expenses - Canada 312,400
Additional Data:
a. 23% of the amount of business expenses in Philippines is non-deductible.
b. The amount of business income includes income amounting to P17,500 which were subject to final taxes.
Problem 1: Compute the Taxable Net Income & Income Tax Due if the corporation is:
a. domestic corporation
b. resident foreign corporation
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