Kikay University, a non-stock, non-profit educational institution, earned rental income worth P10,000,000 from Do La Sol Coffee Shop. The University actually, directly, and exclusively used the rental income for educational purposes. How much is the income tax due arising from the receipt of rental income?

Kikay University, a non-stock, non-profit educational institution, earned rental income worth P10,000,000 from Do La Sol Coffee Shop. The University actually, directly, and exclusively used the rental income for educational purposes. How much is the income tax due arising from the receipt of rental income?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 7P

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