Reference no: EM132824684
A domestic corporation provided the following data for the current Year
Gross profit from sales P3,000,00
Business expenses 1,800,000
Dividend from domestic corporation 100,000
Dividend income from a resident corporation 50,000
Dividend income from a nonresident corporation 40,000
Capital gain on sale of land in the Philippines 500,000
(SP-P2M; FMV-1.8M; Cost-P1.5M)
Capital gain on sale of land in China 200,000
(SP-P1.5M; FMV-1.8M; Cost-P1.3M)
Capital gain on shares of domestic corp. 120,000
(direct sale to buyer)
Gain on sale of shares of a domestic corporation 50,000
thru a local stock exchange (SP-P200,000; Cost P150,000)
Interest income from:
Notes receivable 20,000
Bank deposits (peso accounts) 30,000
Bank deposits (foreign currencies) 25,000
Treasury bills 10,000
Problem 1: The total capital gains taxes for the year is
a) P138,000
b) P37,000
c) P121,750
d) P127,000
Problem 2: The total final taxes on passive income for the year is
a) P11,750
b) P17,000
c) P9,875
d) P13,000
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