Prob.

1
MM Corp., a DC, established in 2010 had the ff. data during the year:
2022 2023
Gross sales 45,600,000 40,350,000
Cost of sales 8,700,000 10,200,000
Non-operating income 300,000 -
Dividend from a DC 25,000 -
Expenses 36,700,000 26,850,000

1. Tax due in 2022 if it is qualified on the 20% rate? ________________

2. Income tax payable in 2023 _______________________

Prob. 2
MM Corp., a RFC, established in 2015 had the ff. amount of gross income and expenses from 2020 to 2023:
Year Gross Income Expenses
2020 50,000,000 49,600,000
2021 38,000,000 37,700,000
2022 51,200,000 49,250,000
2023 70,000,000 57,500,000

1. Tax due in 2020 _____________

2. Tax due in 2021 ____________
3. Tax due in 2022 _____________
3. Tax due in 2023 ________________

Prob. 3
BimBam Partnership, a business partnership, had the ff. data of income and expenses:
Gross income 7,500,000
Expenses 2,000,000
Partners Bim and Bam share profits and losses in the ration of 55% and 45% respectively.
Income tax payable of BimBam Partnership ______________
Final taxes on respective shares of Bim _________________ and Bam _______________