Instruction: Determine the best answer per question given. This quizzer is intended to test your knowledge on Corporate Taxation under the Philippine Income Tax System. Estimated time: One (1) hour (1) Hungry Shark corporation, in its third year of operations, had the following data: Gross Income, Philippines P 2,000,000.00 Gross Income, foreign 1,000,000.00 Expenses, Philippines 1,000,000.00 Expenses, foreign 500,000.00 If the corporation is a domestic corporation, the taxable income is: (a) P1,000,000 (b) P2,000,000 (c) P500,000 (d) P1,500,000 (2) One of the following statements is not correct. Which is
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