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What is the taxable income

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Reference no: EM133176547

Question - A domestic corporation had the following data for 2002. The accumulated earnings for which year the Bureau of Internal Revenue considered to be improper:

Sales P6,000,000

Cost of sales 2,000,000

Business expense 1,000,000

Interest on Philippine currency bank deposit 50,000

Capital gain on sale directly to buyer of shares of domestic corporation 120,000

Dividend income from domestic corporation 60,000

Dividend declared and paid during the year 500,000

Required - What is the taxable income if the taxpayer had chosen itemized deduction?

Reference no: EM133176547

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