Central Philippine University

Exercise 2 – Tax 41

Name: ______________________________ Course: _____________Score: __________

A. A corporation started operating in year 2011 presented the following:

2015 2016 2017 2018 2019

Gross Income - P 150,000 P 200,000 P 300,000 P1,000,000 P 800,000
Net Income/(Loss)- (30,000) 15,000 (25,000) 100,000 61,250

Income Tax Due P__________ P_________ P_________ P__________ P_______

B. A corporation engaged Leasing of Real Property for a decade presented the following data
for the year 2019. Excess MCIT in 2018 was P45,000

Quarter Gross Income Net Income Income tax still due

1 2,500,000 140,000 ?
2 3,000,000 180,000 ?
3 3,200,000 265,000 ?
4 3,500,000 250,000 ?

C. A corporation reported for the year 2019:

Authorized and issued Capital ……………………………… 30,000,000

Retained Earnings, 2018 ……………………………………. 50,000,000
Gross Income ……………………………………………….. 7,000,000
Net Income from Operation…………………………………. 300,000
Dividends received from a foreign corp.………. ………….. 100,000
Dividends Paid ……………………………………………… 3,000,000

Improperly Accumulated Earnings Tax is P____________