What is the taxable income and income tax due

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Question - Palmo Corporation started its operation in 2018 and has following data for the three consecutive years ending Dec. 31, 2020:

 

2018

2019

2020

Gross Income, Philippines

12,000,000

14,000,000

18,000,000

Gross Income, Abroad

6,000,000

7,400,000

9,500,000

Deductions, Philippines

3,340,000

3,500,000

4,500,000

Deduction, Abroad

2,000,000

2,200,000

4,200,000

-Assume that the corporation is a domestic corporation: What is the taxable income and tax due in 2018?

-Assume that the tax payer is a Resident foreign corporation: What is the taxable income and income tax due in 2019?

-Assume that the taxpayer is a Proprietary Educational Institution and that the income from the Philippines is unrelated transaction: What is the taxable income and tax due in 2020?

-Assume that the taxpayer is Proprietary Educational Institution and that the unrelated income (from within) in 2020 amounted to 15,000,000: What is the taxable income and tax due in 2020?

Reference no: EM132930853

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