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What is the total tax expense for the current year

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Reference no: EM132767947

Question - Victory Corporation reported pretax income pf P1,000,000 in its income statement for the current year. The following items are treated differently in the tax returns and in the books of accounts:

Books of Accounts

Rent Income 120,000

Depreciation 220,000

Premium on life insurance of officers 90,000

Tax Returns

Rent Income 70,000

Depreciation 280,000

The tax rate is 30%, and Victory is the beneficiary of the life insurance policies.

Required -

1. What is the total tax expense for the current year?

2. What is Victory Corporation's current provision for income tax?

Reference no: EM132767947

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