Taxpayer: Domestic Corporation engaged in manufacturing business Taxable period data: Item IN Sales 8,000,000 Cost of sales 3,000,000 Incidental income 500,000 Other income (non-operating) 200,000 Allowable operating expenses 1,800,000 Allowable NOLCO 300,000 Total assets, excluding land on which business plant, equipment, and office are situated 80,000,000 How much is the net taxable income using itemized deductions? How much is the regular corporate income tax using itemized deductions?. How much is the net taxable income using OSD? How much is the regular corporate income tax using OSD? Assuming that all conditions are met, how much is the minimum corporate income tax (MCIT)?

Taxpayer: Domestic Corporation engaged in manufacturing business Taxable period data: Item IN Sales 8,000,000 Cost of sales 3,000,000 Incidental income 500,000 Other income (non-operating) 200,000 Allowable operating expenses 1,800,000 Allowable NOLCO 300,000 Total assets, excluding land on which business plant, equipment, and office are situated 80,000,000 How much is the net taxable income using itemized deductions? How much is the regular corporate income tax using itemized deductions?. How much is the net taxable income using OSD? How much is the regular corporate income tax using OSD? Assuming that all conditions are met, how much is the minimum corporate income tax (MCIT)?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 22CE

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taxpayer: Domestic Corporation Gross sales P2,700,000 Other operating income 250,000 Non-operating income 150,000 Cost of sales 1,000,000 Operating expenses 500,000 Non operating expenses 100,000 what is the net taxable income using ITEMIZED deductions
GIVEN: Taxpayer is a PEZA-registered enterprise • Taxable year is 2021 • Financial data Related Unrelated Activities Activities Gross Income Expenses Net P45,000,000 P15,000,000 20,000,000 25,000,000 6,000,000 9,000,000 COMPUTE: Tax on the income O A. P1,700,000 В. Р2,250,000 О С. Р3,000,000 O D. P4,500,000 ООО
a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). Answer is complete but not entirely correct. Ordinary Income Allocated wages Section 179 expense Unadjusted basis of qualified property Distributions Qualified business income Municipal bond income Amount Allocated to Julio Allocated to Milania $ 135,300 $ 67,650 $ 67,650 x 65,000 32,500 32,500 30,000 15,000 15,000 200,000 100,000 100,000 $ 28,000 $ 14,000 $ 14.000 $ 10,000 $ 5,000 $ 5,000 x $ 1,300 $ 650 $ 650
Taxpayer: Domestic Corporation engaged in retail business Taxable year: 8th year of operation Taxable period data: Item IN Sales 2,500,000 Cost of sales 1,000,000 Allowable deductions excluding NOLCO 1,350,000 NOLCO 100,000 Total assets excluding land on which the business plant/equipment/office is located 10,000,000 Assuming corporation uses itemized deductions, how much is the net taxable income? How much is the regular corporate income tax? How much income tax should the corporation pay for the taxable year?
Taxpayer: Domestic Corporation engaged in manufacturing business Taxable period data: Item IN Sales 8,000,000 Cost of sales 3,000,000 Incidental income 500,000 Other income (non-operating) 200,000 Salaries expense 500,000 Utilities 25,000 Repairs and Maintenance 100,000 Depreciation expense 75,000 Entertainment and amusement expense 60,000 Donations to the local government for non-priority projects 400,000 Donations to the local government for priority projects 500,000 Bad debts expense (receivables not written off) 150,000 Interest expense 20,000 Labor and training expenses for qualified trainees 40,000 NOLCO 120,000 Total assets, excluding land on which business plant, equipment, and office are situated 80,000,000 Direct labor 350,000 How much is the allowable deduction for entertainment and amusement? How much is the allowable deduction for…
FACTS / DATA / GIVEN: . Тахрауer: Taxable period: Domestic Corporation 2021 Description Gross sales Other operating income Non-operating income Cost of sales Operating expenses Non-operating expenses Amount P2,500,000 200,000 100,000 1,000,000 500,000 50.000 COMPUTE: 2021 net taxable income using ITEMIZED deductions A. 1,150,000 B. 1,200,000 О С. 1,250,000 D. 1,300,000
What amount should be reported as deferred tax liability An entity reported the following assets and liabilities at year-end: Carrying amount Тах base 10,000,000 7,000,000 4,000,000 4,000,000 3,000,000 5,500,000 Land Machinery and equipment Inventory Accounts receivable Liabilities 5,000,000 2,500,000 2,500,000 6,000,000 The entity had made a provision for inventory obsolescence of P1,500,000. Further, an impairment loss against accounts receivable of P500,000 has been made. The tax rate is 30%. Your answer
Company sold to Y Company goods worth 10,000.00, exclusive of any applicable tax. If X Company is a VAT registered taxpayer and Y Company is a non-VAT registered taxpayer, the journal entry of Y Company would include debit Purchases, 11,200.00credit Cash, 10,000.00debIt Purchases, 10,000.00credit VAT payable, 1,200.00
Taxpayer - Resident citizen Gross sales 2,600,000 Other operating income 200,000 Non-operating income 150,000 Cost of sales 1,000,000 perating expenses 500,000 Non-operating expenses 60,000 How much is the net taxable income using itemized deduction? How much is the net taxable income using optional standard deduction?
identify deferred tax assets/liabilioties in the following figure Total Current Assets - - - - Total Assets 1057734 1014060 979868 976502 Cash & Due from Banks 96610 81786 73246 65619 Other Earning Assets, Total 144765 123145 118007 118805 Net Loans 759118 742473 737033 727002 Property/Plant/Equipment, Total - Net 5468 5602 5205 2383 Property/Plant/Equipment, Total - Gross - - - - Accumulated Depreciation, Total - - - - Goodwill, Net 5269 5284 5997 5974 Intangibles, Net 1674 1660 1732 1991 Long Term Investments 2865 3034 3054 3001 Other Long Term Assets, Total 4139 3830 3098 18226 Other Assets, Total 37826 47246 32496 33501 Total Current Liabilities - - - - Total Liabilities 982736 942052 908766 906908 Accounts Payable 9826 13188 9998 10285 Payable/Accrued - - - - Accrued Expenses - - - - Total Deposits 750843 701551 666300 640311 Other Bearing Liabilities, Total - - - 32 Total Short Term Borrowings 26633 16877 20346 19099…
Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $1,190,000 . Beckett's apportionment factors for the year use the following data. Compute Beckett's B taxable income for the year; B uses a three-factor apportionment formula with a double-weighted sales factor. State AState BTotalSales$1,428,000$856,800$2,284,800Property$238,000$0 $238,000Payroll$357,000$0 $357,000
Fillon operates manufacturing facilities in States A and B. Fillon has nexus with both states; apportionment factors are 0.65 for A and 0.35 for B. Taxable income for the year totaled $425,625 , with a $567,500 A profit and a $141,875 B loss. If required, round your final answers to the nearest dollar. Calculate taxable income for the year for: State A: State B: %24 %24

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bartleby, a Learneo, Inc. business

Item	IN
Sales	8,000,000
Cost of sales	3,000,000
Incidental income	500,000
Other income (non-operating)	200,000
Allowable operating expenses	1,800,000
Allowable NOLCO	300,000
Total assets, excluding land on which business plant, equipment, and office are situated	80,000,000