Reference no: EM132931959
Question - TANGLAD , Inc., a domestic corporation has the following data in 2019:
Gross income, (gross of 1% withholding tax), P1,800,000
Allowable business expenses, P800,000
Gain on sale of business asset, P75,000
Interest on peso bank deposit, net, P 10,000
Sale of shares of stocks, listed & traded - Selling price, P 200,000; cost, P165,000
Dividends from a domestic corporation, P40,000
Dividends paid during the year, P150,000
Reserved for building acquisition for diversification, P700,000
Additional information:
In 2018, the corporation suffered an operating loss of P130,000.
Retained earnings, January 1, 2018 is P250,000
Ordinary shares, P400,000
Required -
1. How much is the income tax due in 2019?
2. How much is the improperly accumulated earnings tax in 2019?
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