Income Tax problems Midterms VI-9.

In 2015, ABC Corporation gave the following fringe

I. In 2015,Pnoy, single and a native of Maguindanao,
received during the year the following:
Proceeds from copyright royalty, net of tax P11,250
Proceeds from mineral claim royalty, net of tax 12,000
Share from trading partnership, net of
withholding tax 270,000
1. How much is the total final tax on Pnoys income?
2. How much is the income tax due and payable of Pnoy in
2015?
II-3. An alien individual asked you to assist him in the
preparation of his tax return for his income in 2014. He
provided you the following information:
Gross business income, Philippines P1,000,000
Gross business income, Canada 5,000,000
Business expenses, Philippines 300,000
Business expenses, Canada 800,000
Philippine charity sweepstakes winnings 500,000
Singapore sweepstakes winnings 400,000
Interest income-BDO in Canada 100,000
Interest income received from a depository
bank under FCDS, Philippines 300,000
The taxpayer is single, resident of Manila and had three
qualified dependent brothers. What amount should be
reported by him as his taxable income for 2014?
III-4. Juan is a resident of QC. He sold his family home for
P4,000,000 which was previously acquired for P2,000,000.
Juan compiled all BIR requirements to avail of tax
exemption and spent P2,500,000 in acquiring new family
home. How much is the capital gains tax to be paid by Juan?
benefits to its employees:
To managerial employees P1,360,000
To rank and file employees 5,000,000
The allowable deduction from the gross income of the
Corporation for the fringe benefits given to employees is?
VII. In 2015, ABC Corporation provided a 3-day vacation in
Tagaytay to all of its employees of which 80% are rank and
file. Total expenses incurred by the company for the said
vacation amounted to P1M.
10. The total fringe benefit tax expense is?
11. The total deductible expense is?
VIII. Pedro, single is a minimum wage earner of EDT
Manufacturing Corporation. In addition to his basic
minimum wage of P144,000 for the year, he also received
the following benefits:
De minimis, P60,000 (P20,000 over the ceiling)
13th month pay and other benefits, P122,000
12. Pedros taxable income should be?
IX. Hananiah Corporation, a corporation engaged in business
in the Philippines and abroad has the following data for the
current year:
Gross Income, Philippines P975,000
Expenses, Philippines 750,000
Gross Income, Malaysia 770,000
Expenses, Malaysia 630,000
Interest on bank deposit 25,000
Determine the income tax due if the corporation is
13. Domestic Corporation?
14. Resident Foreign Corporation?
15. Non-resident Foreign Corporation?

IV. A resident citizen, married, with a 2 qualified dependent X. A domestic corporation provided the following data:
children has the following data for the year 2015: Gross profit from sales P3,000,000
Gross sales, Philippines P5,000,000 Business expenses 1,800,000
Sales returns and allowances, Philippines 500,000 Dividend from domestic corporation 100,000
Cost of sales, Philippines 1,500,000 Dividend income from resident corporation 50,000
Gross sales, Ukraine 3,000,000 Dividend income from nonresident
Sales return and allowances, Ukraine 200,000 corporation 40,000
Cost of sales, Ukraine 800,000 Capital gain on sale of land in the
Business expenses, Philippines 500,000 Philippines (SP-P1.5M; FMV-P1.8M; Cost-
Business expenses, Ukraine 300,000 P1.5M) 500,000
Interest income, peso bank deposit BDO- Capital gain on sale of land in China (SP-
Marikina 20,000 1.5M; FMV-P1.8M; Cost-P1.3M) 200,000
Interest income, US Dollar deposit BDO- Capital gain on shares of domestic
Mandaluyong 50,000 corporation (direct sale to buyer) 120,000
Gain from sale of residential house and lot Gain on sale of shares of a domestic
(Selling price P3,000,000; FMV, time of corporation thru local stock exchange (SP-
sale, P5,000,000) 500,000 P200,000; Cost-P150,000) 50,000
Gain from sale of shares of stock listed and
traded in the local stock exchange (selling Interest income from:
price, P100,000) 30,000 Notes receivable P20,000
Gain from sale of shares of stock not traded Bank deposits (peso accounts) 30,000
in the local stock exchange 150,000 Bank deposits (foreign currencies) 25,000
Treasury bills 10,000
5. How much is the total final tax on passive income?
6. How much is the capital gains tax due? 16. The income tax due for the year is?
7. How much is the taxable net income? 17. The total capital gains tax for the year is?
18. The total final taxes on passive income for the year is?
V-8. How much is the allowable deduction from business
income of a domestic corporation which granted and paid
P102,000 fringe benefits to its key officers in 2012?