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Golpo 10 Task Performance 1.taxation
Golpo 10 Task Performance 1.taxation
Marvin G. Golpo
BSBA 2eve
1. Pioneer College, a private educational institution, has presented the following data for the
year:
Quarterly income tax paid for the first three quarters 500,000
600,000 600,000
2. Advanced Learning Institute, an educational institution, provided the following data for the
current taxable year:
Dividend Income:
An additional school building and finished on April 1,2018 at the cost of P2,000,000 with an
depreciable life of 50 years.
A. Compute the income tax payable assuming the University opted to claim the cost of
transaction as an outright expense.
P13,000,000
B. Compute the income tax payable assuming the University opted to capitalize the cost of
building construction.
P11,030,000
Net Taxable Income P3,920,000
4. A non-Profit domestic hospital has the following data during the year 2018.
Rent Income for commercial space, hospital ground floor, net of 5% withholding taxes
190,000
An additional hospital building was built and finished on June 30,2018 at the cost of
P4,000,000 with an depreciable life of 25 years.
P580,000
Net Taxable Income P1,620,000
B. Assume the hospital was organized for profit, compute the income tax still due and
payable 2018.
P580,000
Net Taxable Income P1,770,000
5. Pacific Airlines, an international carrier, showed the following gross receipts for 2018.
Point of Origin Destination Gross Receipts
Philippines United States Of America P8,000,000
United States Of America United Kingdom 4,000,000
United States Of America Philippines 3,750,000
United Kingdom Philippines 2,100,000
Additional information:
Forty percent (40%) of the shipments from the Philippines to the United states were
later shipped to the United Kingdom.
Twenty-five percent (25%) of all its revenues were from the transport of cargoes and
goods.
Multiplied by 2 1/2%
The Philippines to United States of America is computed by getting the price of a Gross receipts
direct flight P8,000,000 X 2,5% is equal to = P200,000
the taxable year in The Final Income Tax Payable are P200,000
6. China Airlines Inc, a resident foreign corporation, has the following data for the taxable
year 2018
Multiply by 2.5%
The Passenger Airfare From China to the Philippines is computed by getting the price of a Gross
receipts direct flight P1,800,000 X 2,5% is equal to = P45,000
The taxable year in The Final Income Tax Payable are P45,000
7. Y Corporation, a family closed corporation, had the following selected data for 201A, the
accumulated earnings for which year the ABIR considered to be improper.
Capital gain on direct sale to the buyer of shares of another domestic corporation, net of final
tax 85,000
8.A Closely- held corporation, deemed committed unreasonably accumulating its income,
shows the following data:
Total P12,540,000