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Rosales Corporation, a domestic corporation, adopted Masbate State College, a school operated by the government and accredited by CHED. It entered into a Memorandum of Agreement (MOA) with the provincial school and CHED. Rosales Corporation provided the following assistance:
Cash to improve school facilities P500,000
Computers (acquisition cost) 500,000
The following data were taken from the books of Rosales Corporation for the current year:
Gross income P10,000,000
Operating expenses (excluding the assistance ) 3,000,000
Problem 1: How much is the amount deductible by Rosales Corporation as far as the assistance to a public school is concerned?
Problem 2: How much is the taxable net income of Rosales Corporation?
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