1. BBM Diploma Distributors Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a non-stock, non-profit educational institution which uses all its revenues or income for educational and charitable purposes. Group of answer choices P1,500,000.00 Exempt Exempt insofar as "As such" is concerned P837,500.00

1. BBM Diploma Distributors Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a non-stock, non-profit educational institution which uses all its revenues or income for educational and charitable purposes. Group of answer choices P1,500,000.00 Exempt Exempt insofar as "As such" is concerned P837,500.00

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 23P

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