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1.

Russel Company’s, a domestic corporation, computed normal income tax and MCIT, and creditable income taxes
withheld from 1st to 4th quarters including excess MCIT and excess withholding taxes from prior year/s are as follows:
First Q Second Q Third Q Fourth Q
Normal Income Tax P 100,000 P 120,000 P 250,000 P 200,000
MCIT 80,000 250,000 100,000 100,000
Taxes Withheld 20,000 30,000 40,000 35,000
Excess MCIT Prior Year 30,000
Excess Withholding Tax Prior Year 10,000
(A) How much is the income tax payable for each quarter? (B) How much is the annual income tax payable?

2. Russel Company, a domestic corporation, had a gross profit from sales of P1,000,000, interest from bank deposits of
P10,000 and dividend from resident corporation of P20,000. If choosing the Optional Standard Deduction, what is the
taxable income?

3. Russel Company, a domestic corporation, had a net operating loss in 2008 of P300,000, and the following data in 2009:
Gross income from operations P 2,000,000
Expenses of operations 2,600,000
Capital gain 200,000
Capital loss 300,000
How much is the net operating loss carry-over available in 2010?

4. Russel Company, registered with the Bureau of Internal Revenue in 2002, has the following data for the year 2009:
Gross Receipts P 1,000,000
Discounts given 100,000
Returns and allowances 150,000
Salaries and personnel directly involved in the
supply of services 300,000
Fees of consultants directly involved in the
supply of services 50,000
Rental of equipment directly used in the
supply of services 70,000
Operating expenses 420,000
How much is the income tax due and payable?

5. Russel Company, a domestic corporation, had the following income:


Prize, Philippines P 500,000
Interest income, bank deposit, Philippines 300,000
Capital gain from sale of land (Cost P4,500,000;
FMV, time of sale, P6,000,000) 500,000
Interest income from depository bank under the
Expanded Foreign Currency Deposit System (EFCDS) 250,000
Capital gains from sale of shares of stock not traded in
the local stock exchange (selling price P500,000) 80,000
How much is the income tax due, if any?
6. A business partnership organized by partners Joseph and Sheila, equal partners, has the following data for the year
ended 2009:
Gross business income P 1,000,000
Deductible expenses 300,000
Yield from deposit substitute, net of final
withholding tax 50,000
Interest income derived from a depository bank under
Expanded Foreign Currency Deposit System (EFCDS),
net of withholding tax 100,000
Gain from sale of shares of stock not traded in the local
stock exchange, net of capital gains tax 80,000
Withdrawals on the share in the net income of the
partners, net of withholding tax 150,000
Rent income, gross of 5% withholding tax 300,000
Payment of quarterly taxes, first three (3) quarters 120,000
(A) How much is the taxable net income of the partnership? (B) How much is the tax payable of the business
partnership? (C) How much is the distributable net income of the partnership? (D) How much is the final
withholding tax on the share of each partner, if any?

7. Sheila and Joseph Partnership is a general partnership in trade and in its fifth year of operations. In 2008, it had a
gross profit from sales and business expenses of P7,000,000 and P6,600,000, respectively. The two (2) only partners
share equally in the profits and losses of the partnership. What is the income tax of the partnership?

8. Paolo Company, a domestic corporation, presented the following income during the taxable year 2008: Interest
Income, net of Final Tax P160,000; Royalty Income-Literature P80,000; Gain of Sale of Land classified as Capital Asset,
Cost of P2,000,000, P3,000,000; Gain on Sale of Shares of Stocks directly sold to buyer, Cost of P100,000, P400,000;
and, Gain on Sale of Shares of Stocks, Cost of P500,000, net of 5% Percentage Tax P495,000. What is the Total Final
Taxes already paid?

9. Paolo Company, a domestic corporation, presented the following income during the taxable year 2009: Sales, including
RVAT P22,400,000; Purchases, including RVAT P16,800,000; Increase in Merchandise Inventory P5,000,000;
Dividend Income from Non-resident foreign corporation, net of 35% Tax, P325,000; Bad Debts Recovery P50,000;
Accounts Written-Off P600,000; and, Rent Income, net of creditable withholding tax P475,000. What is the Gross
Income subject to the normal income tax?

10. Taking into full consideration Problem no. 9 and assuming that Paolo Company opted to use the Optional Standard
Deduction (OSD), how much is the Income Tax still due and payable?

11. Aling Dionisia and Annabelle Rama, the partners in Bisaya Partnership, divide profit equally. Both are working in the
Partnership and each receives P20,000 as Salary per month. Bisaya Partnership shows the following income and
expenses for Taxable Year, 2009:
Professional Income P 4,000,000
Salary of Workers, Net of WHT, P60,000 500,000
Rent Expense (of which 20% is Prepaid) 100,000
Representation Expense 160,000
Interest Income 200,000
Interest Expense 150,000
Bad Debts Recovery 20,000
Depreciation Expense 60,000
Customers' Discounts 200,000
Royalty Income-Franchise 40,000
Gain on Sale of Land as Capital Asset,
Cost of P2,000,000. 3,000,000
Gain on Sale of Shares of Stocks Directly Sold,
Cost P100,000. 400,000
Income Tax Refund 30,000
Allowance for Bad Debts 40,000
Accounts Written Off-Trade
(20% of which is for related party) 60,000
Actual Donation to Government 200,000
NOLCO 150,000
Compromise Penalty 10,000
Interest Expense Paid to the BIR 5,000
Travelling Expenses 250,000

REQUIRED: (A) What is more advantageous, to treat the partner's salary as operating expenses or part of profit/loss
sharing? (B) How much is the creditable withholding tax of Aling Dionisia and Annabelle Rama, respectively? (C) How
much is the income tax still due of and payable by Aling Dionisia and Annabelle Rama, respectively?

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