Reference no: EM133042913
Question - SCHOOL BUKOL University is a proprietary educational institution.
It has the following information for the taxable year 2013:
Tuition fees P12,800,000
Miscellaneous fees 1,800,000
Interest on bank deposits 12,300
Rent income 350,000
Salary and bonuses, all personnel 7,500,000
Other operating expenses 3,500,000
Quarterly income tax payments 48,000
Additional School Building was built and finished on April 1, 2013 at a cost of 2,000,000 with a depreciable life of 50 years.
Assuming the University opted to claim the cost of construction as an outright expense, determine the income tax payable?
a. P344,000
b. P576,000
c. P147,000
d. P160,000
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