* Interest on bank deposits, P4,500;* Capital gain on sale of land, P138,000;* Fines and penalties for violation of law, P90,000;* Premiums on life insurance for officers and employees (the company is the beneficiary), P50,000;* Impairment on Goodwill, P45,000; and* Actual charitable contributions, P160,000.How much is Nagpapanggap's financial income subject to tax during the year?A. P2,314,500В. Р2,346,500С. Р2,418,500D. P2,474,500Activate Wine 30. Nagpapanggap Inc. had a pretax accounting income of P2,400,000 while the taxable net income beforecharitable contribution is P2,560,000 during the year. Below are items seen on the records of NagpapanggapInc.:* Gain from settlement of life insurance of officers and employees where the corporation is named thebeneficiary, P50,000;* Dividend revenue received from a Manhid Corp., a domestic corporation, P78,000;* Dividend revenue received from a Pusong Bato Co., a foreign corporation, P56,000;

Taxable Income Calculation of taxable income which can be determined by the net income after…

* Interest on bank deposits, P4,500; * Capital gain on sale of land, P138,000; * Fines and penalties for violation of law, P90,000; • Premiums on life insurance for officers and employees (the company is the beneficiary), P50,000; • Impairment on Goodwill, P45,000; and * Actual charitable contributions, P160,000. How much is Nagpapanggap's financial income subject to tax during the year? A. P2,314,500 B. P2,346,500 C. P2,418,500 D. P2,474,500

* Interest on bank deposits, P4,500; * Capital gain on sale of land, P138,000; * Fines and penalties for violation of law, P90,000; • Premiums on life insurance for officers and employees (the company is the beneficiary), P50,000; • Impairment on Goodwill, P45,000; and * Actual charitable contributions, P160,000. How much is Nagpapanggap's financial income subject to tax during the year? A. P2,314,500 B. P2,346,500 C. P2,418,500 D. P2,474,500

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 2BCRQ

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