7. Y Corporation, a family-closed corporation, had the following selected data for 201A, the accumulated earnings for which year the BIR considered to be improper: Non-taxable gain on life insurance of Y Co.'s president Income tax due 201A Quarterly income tax paid Dividend declared and paid during the year Reserve for maturing bonds in 201B Tax-exempt dividend income from resident corporation Net-operating loss carry-over (NOLCO) deducted Capital gain on direct sale to the buyer of shares of another domestic corporation, net of final tax Interest income on peso deposit, net of final tax Compute the amount of improperly accumulated earnings tax (IAET). P900,000 780,000 580,000 440,000 300,000 200,000 100,000 85,000 16,000
7. Y Corporation, a family-closed corporation, had the following selected data for 201A, the accumulated earnings for which year the BIR considered to be improper: Non-taxable gain on life insurance of Y Co.'s president Income tax due 201A Quarterly income tax paid Dividend declared and paid during the year Reserve for maturing bonds in 201B Tax-exempt dividend income from resident corporation Net-operating loss carry-over (NOLCO) deducted Capital gain on direct sale to the buyer of shares of another domestic corporation, net of final tax Interest income on peso deposit, net of final tax Compute the amount of improperly accumulated earnings tax (IAET). P900,000 780,000 580,000 440,000 300,000 200,000 100,000 85,000 16,000
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 45P
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Transcribed Image Text:7. Y Corporation, a family-closed corporation, had the following selected data for 201A, the accumulated
earnings for which year the BIR considered to be improper:
Non-taxable gain on life insurance of Y Co.'s president
Income tax due 201A
Quarterly income tax paid
Dividend declared and paid during the year
Reserve for maturing bonds in 201B
Tax-exempt dividend income from resident corporation
Net-operating loss carry-over (NOLCO) deducted
Capital gain on direct sale to the buyer of shares of another domestic corporation, net of final tax
Interest income on peso deposit, net of final tax
Compute the amount of improperly accumulated earnings tax (IAET).
P900,000
780,000
580,000
440,000
300,000
200,000
100,000
85,000
16,000
7
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