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How much is the taxable income

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Reference no: EM132556353

Question - The following data are taken from the Statement of Income and Expenses of TAX Company (domestic corporation) for the current year:

Net income per books P800,000

Capital gains tax on shares of domestic corporation 22,500

Final tax on interest on bank deposit 20,000

Net Capital Loss 30,000

Dividend from domestic corporation 80,000

Interest on Philippine Currency Bank deposit 100,000

Capital gain on sale of shares of stock of domestic corporation 150,000

Allowance for bad debts 50,000

Required - How much is the taxable income?

Reference no: EM132556353

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