# Determine the taxable net income of partner reyes a

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Remaining Life of theAsset after LeaseTerm/Over Life of theAssetxCost of the Asset/Remaining Lease Term
120. Determine the taxable net income of Partner ReyesA. P1,059,000B. P1,000,000
C. P1,100,000D. P1,110,000121. Determine the net income subject to tax of Partner Santos
SITUATION 35 (BUSINESS TAXATION):EX Corporation, a VAT registered company engagedin the lease of residential properties. During the first quarter of 2020, the followinginformation were made available (all amounts are exclusive of VAT):Rental income with monthly rental of P18,000 per unitP800,000Rental income with monthly rental of P15,500 per unitP600,000Rental income with monthly rental of P10,000 per unitP400,000Receivable from tenants as of December 31, 2019, (60% is VAT Exempt)P200,000Receivable from tenants as of March 31, 2020 (40% is VAT Exempt)P300,000Deferred rent income as of December 31, 2019 (60% is VAT Exempt)P200,000Deferred rent income as of March 31, 2020 (40% is VAT Exempt)P250,000Input tax credit on purchases of goods and services for the first quarter of 2020P80,000122. How much is the output tax due for the first quarter of 2020?
123. How much is the creditable input tax credit for the first quarter of 2020?A. P35,200B. P61,838C. P62,629D. P80,000
124. Assuming on April 5, 2020, EX Corporation sold a residential house and lot forP3,000,000 (VAT Exclusive). How much is the output tax due on its sale of realproperty, assuming the zonal value of the property is P3,248,000?
125. When is the deadline for filing of first month of the quarter VAT return?
SITUATION 36 (BUSINESS TAXATION, Adapted):The Yumabong Banking Corporation, adomestic bank, had the following income and expense items recognized under IFRS forthe quarter ended September 30, 2021 (tax exclusive, if applicable):Income items:Dividends800,000Equity income in subsidiary1,000,000Rentals of property acquired in mortgage foreclosures4,000,000Rentals of safety deposit boxes300,000Interest on loans with remaining maturities of:Not more than five years4,000,000More than five years6,400,000Interest income on bank deposit (net of 20% FWT)800,000Interest income on bank deposit (net of 15% FWT)425,000Net trading gain (net of trading loss of P750,000)1,350,000Expense items:Purchases of supplies and services from VAT-registeredsuppliers1,050,000

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Term
Summer
Professor
Jane Smith
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