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How much income is not subject to corporate income tax

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Reference no: EM132721283

The following are the composition of the total gross income of a domestic corporation which is subject to MCIT:

Sales 4,000,000

Cost of Goods sold 2,400,000

Business expenses 1,400,000

Dividend income 100,000

Gain on sale of land treated as capital asset 150,000

Required: Compute the following:

Problem 1: How much income is not subject to corporate income tax?

Problem 2: What is the income tax due?

Reference no: EM132721283

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