Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 11, Problem 10MCQ
To determine
Introduction: To operate a business, a taxpayer generally chooses between individual trading,
To choose: The false statement regarding corporate tax return due dates.
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If a calendar year S Corporation does not request an automatic extension of time to file its income tax return, the original due date of the return is:
January 31
March 15
April 15
June 15
1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency tax is 25,000 that
is due last April 15. Upon receiving the notice the tax payers immediately filed and pay his tax on August 15.
How much would be the total amount due?
2. Income tax return for the calendar year 2019 was due for filing on April 15, 2021 but the tax payer voluntarily
filed his return without assessment notice from the BIR on June 30, 2021. The tax due per return amounts to
280,000. How much would be the total amount due?
3. The taxpayer's 2020 income tax return is to be filed through authorized agent bank under the jurisdiction of
RDO East Manila. Without prior authorization from the BIR, the taxpayer filed his tax return and paid the tax
through the authorized agent bank under the jurisdiction of RDO Laoag City? The tax due per return is 100,000.
How much would be the total amount due?
4. In connection with problem number 3, the taxpayer also filed his return 3 months…
Which of the following is true regarding filing requirements? a.For all tax year-ends, the due date for filing a corporate tax return is the fifteenth day of the third month after year-end. b.Filing an extension for a corporate tax return also provides an extension for paying the corporation's tax due. c.A corporation with a tax year ending on June 30 can get a 7-month extension instead of the usual 6 months. d.A corporation can wait to pay its tax liability
Chapter 11 Solutions
Income Tax Fundamentals 2020
Ch. 11 - Ironwood Corporation has ordinary taxable income...Ch. 11 - Tayla Corporation generated $400,000 of taxable...Ch. 11 - Prob. 3MCQCh. 11 - Harrison Corporation generates capital...Ch. 11 - Prob. 5MCQCh. 11 - Prob. 6MCQCh. 11 - Prob. 7MCQCh. 11 - The purpose of Schedule M-1 on the corporate tax...Ch. 11 - Prob. 9MCQCh. 11 - Prob. 10MCQ
Ch. 11 - Prob. 11MCQCh. 11 - Prob. 12MCQCh. 11 - Prob. 13MCQCh. 11 - Prob. 14MCQCh. 11 - Prob. 15MCQCh. 11 - Prob. 16MCQCh. 11 - Prob. 17MCQCh. 11 - Prob. 18MCQCh. 11 - Prob. 19MCQCh. 11 - Prob. 20MCQCh. 11 - Prob. 21MCQCh. 11 - Quince Corporation has taxable income of $485,000...Ch. 11 - Prob. 2PCh. 11 - For its current tax year, Ilex Corporation has...Ch. 11 - DeMaria Corporation, a calendar year corporation,...Ch. 11 - Fisafolia Corporation has gross income from...Ch. 11 - Prob. 6PCh. 11 - Prob. 7PCh. 11 - The Loquat Corporation has book net income of...Ch. 11 - Caloundra Corporation has book income of $ 40,000....Ch. 11 - Prob. 10PCh. 11 - Prob. 11PCh. 11 - Prob. 12PCh. 11 - Prob. 13PCh. 11 - Grevilla Corporation is a manufacturing company....Ch. 11 - Prob. 15P
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