question archive The record of a closely-held domestic corporation show the following data for 2014: Gross income 1,500,000 Business Expenses 600,000 Gain on sale of business asset 60,000 Interest on deposits with Metrobank, net of tax 5,000 Sale of shares of stock, not listed: Selling Price 150,000 Cost 115,000 Dividends from Victory Corporation, domestic 35,000 Dividends paid during the year 120,000 Reserved fro building acquisition 300,000 In 2013, the Corporation suffered a operating loss of 130,000
The record of a closely-held domestic corporation show the following data for 2014: Gross income 1,500,000 Business Expenses 600,000 Gain on sale of business asset 60,000 Interest on deposits with Metrobank, net of tax 5,000 Sale of shares of stock, not listed: Selling Price 150,000 Cost 115,000 Dividends from Victory Corporation, domestic 35,000 Dividends paid during the year 120,000 Reserved fro building acquisition 300,000 In 2013, the Corporation suffered a operating loss of 130,000
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The record of a closely-held domestic corporation show the following data for 2014:
Gross income 1,500,000
Business Expenses 600,000
Gain on sale of business asset 60,000
Interest on deposits with Metrobank, net of tax 5,000
Sale of shares of stock, not listed:
Selling Price 150,000
Cost 115,000
Dividends from Victory Corporation, domestic 35,000
Dividends paid during the year 120,000
Reserved fro building acquisition 300,000
In 2013, the Corporation suffered a operating loss of 130,000. This amount was carried forward and claimed deduction from gross income 2014. The income tax due in 2014 is:
The Improperly Accumulated Earnings Tax is:
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