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BUSTAX Activity (Corporation)

Corporate Income Taxation

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Isay Liriko
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21 views2 pages

BUSTAX Activity (Corporation)

Corporate Income Taxation

Uploaded by

Isay Liriko
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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BUSINESS TAXATION – ACTIVITY 4 a.

1M
b. 600,000
1. X and Y, both are lawyers, formed a GPP. The GPP has net income of 10M. What is the income tax due c. 800,000
of partnership? d. 2,000,000
e. None of the above
a. exempt
b. 2M 7. Sale of real property, capital asset, located in Phil, by a RFC is subject to
c. 2.5M
d. 3M a. CGT at 6%
b. Regular corporate income tax
2. X, DC, sold shares of FC directly to a buyer for 5M. The cost of shares is 1M. What is the income tax due c. Final tax ta 20%
in 2024? (Total assets are 4M only). d. exempted
a. 1M 8. RFC CORPORATION, a resident foreign corporation, presented the following data related to its
b. 800,000 operations in the Philippines for the current taxable year:
c. 1,250,000
d. 2,000,000  Gross income in the Philippines P10,000,000
 Allowed deductions from gross income 6,000,000
3. X, DC, has the following data: Sales 4M; cost of sales is 1M and OPEX is 2,980,000. Interest income from  Total Assets of the Corporation 45,000,000
bank-USA is 100,000. Royalties in Philippine is 200,000, net. Total assets are 200M. What is the income
tax due in 2024? The management earmarked the remaining profit of the corporation for remittance to the home office
abroad. Compute the branch profit remittance tax.
a. 26,400
b. 62,000 a. P600,000
c. 60,000 b. P450,000
d. None of the above c. P480,000
d. P0
4. X, DC, has the following data: Sales 4M; cost of sales is 1M and OPEX is 2,980,000. Interest income from
bank-USA is 100,000. Royalties in Philippine is 200,000, net. Total assets are 200M. What is the income 9. XYZ CORPORATION, a non-resident foreign corporation, is an owner or lessor of aircraft, machineries,
tax expense of the corporation? and other equipment. It presented the following data for the current taxable year:

a. 26,400  Gross rentals from sources within the Philippines, P5,000,000


b. 62,000  Gross rentals from sources without the Philippines, P5,000,000
c. 60,000  Operating expenses (50% within) 2,000,000
d. None of the above
How much is its corporate income tax liability?
5. X, DC, has the following data: Sales 4M; cost of sales is 1M and OPEX is 2,980,000. Interest income from
a. P1,250,000
bank-USA is 100,000. Royalties in Philippine is 200,000, net. Total assets are 200M. What is the final
b. P225,000
income tax of the corporation?
c. P375,000
a. 40,000 d. P125,000
b. 20,000
10. X Corp, DC, has the following data in CY 2024: RCIT 250,000; MCIT 300,000. The excess MCIT and
c. 60,000
excess CWT in 2023 are 10,000 and 20,000, respectively. What is the income tax payable of X in 2024?
d. 50,000
a. 300,000
b. 250,000
6. X, DC, sold shares of DC directly to a buyer for 5M (capital asset). The cost of shares is 1M. What is the c. 280,000
tax due in 2024? (Total assets are 4M only). d. 270,000
11. In 2022, X corp, NRFC, received dividend from Y Corp, DC, amounting to 67,500, net of tax. No 15. X, RC, has sales 2M and cost of sales and OPEX of 1.8M. Interest income-bank Phil is 20,000, net. What
conditions were met under the Tax Code, as amended, proving the applicability of lower tax rate. What is is the income tax due under 8% optional tax rate?
the FINAL WITHOLDING TAX withheld by Y Corp on the income payments to X Corp?
a. 200,000
a. P16,875 b. 40,000
b. P50,000 c. 160,000
c. P25,000 d. 140,000
d. P22,500

12. ABC Partnership, registered under SEC with total assets of P10M, reported the following income in
2024:

 Gross sales P1,000,000


 Rental income 300,000
 Cost of Sales 400,000
 Business expenses 100,000

Assume that the partnership is owned by A (Resident Citizen) and B (NRAETB / Non-Resident Alien
Engaged in Trade or Business) with profit or loss ratio of 1:1.

What is Final tax withheld by Partnership from B’s share in partnership’s distributable net income?

a. 64,000
b. 72,000
c. 32,000
d. Zero

13. M, a partner of a commercial partnership, showed the following income and losses:

 Net income from trading business – as sole proprietor P500,000


 Share from net loss of the partnership 200,000

How much is the net taxable income of M?

a. P700,000
b. P500,000
c. P300,000
d. P250,000

14. In 2024, after the death of X, Juan, Jose and Julio inherited a P10,000,000 worth of Apartment in
Manila through intestate succession. During the year, the Apartment has a gross income of 900,000 which
was divided equally to the heirs. The activities of co-owners are limited only to preservation of the co-
owned property.

Compute the income tax of the Co-ownership


a. zero
b. RCIT 25%
c. MCIT 2%, if higher then RCIT
d. 15% rate

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