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 Northern Medical College, a proprietary educational institution, had the following financial data for
2017:

Gross receipts from tuition fee payments P14,000,000

Itemized expenses 9,000,000

The income tax liability for 2017 would be:

Select one:

a. P500,000*

b. Tax exempt

c. P1,500,000

d. P280,000

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 Hollywood Film, a non-resident foreign corporation distributing cinematographic films, had the
following data in its Philippine operation for 2017:

Gross receipts from film distribution P 8,000,000.

Cost of films and other distribution expenses 5,000,000.

Operating expenses 1,500,000.

The amount of income tax payable in the Philippines would be:

Select one:

a. P450,000

b. P750,000*

c. P375,000

d. P2,000,000

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