(P5.1).

CREATE ACT
1. P1,675,000
2. P1,675,000
3. P1,675,000
Solution:
#1 #2 #3
Gross sales P12,000,000 P12,000,000 P12,000,000
Cost of goods sold (3,600,000) (3,600,000) (3,600,000)
Operating expenses (2,200,000) (2,200,000) (2,200,000)
Other income 500,000 500,000 500,000
Taxable Income P 6,700,000 P 6,700,000 P 6,700,000
Tax Rate 25% 25% 25%
Income Tax Due P 1,675,000 P 1,675,000 P 1,675,000

NOTE: The applicable RCIT rate shall be 25% because the domestic corporation in the
problem is not qualified to be classified as MSME
(P5.2). CREATE ACT
1. P720,000
2. P900,000
3. P720,000
Solution:
#1 - MSME #2 #3 - MSME
Gross sales P12,000,000 P12,000,000 P12,000,000
Cost of goods sold (5,600,000) (3,600,000) (3,600,000)
Operating expenses (2,800,000) (2,200,000) (2,200,000)
Taxable Income P 3,600,000 P 3,600,000 P 3,600,000
Tax Rate 20% 25% 20%
Income Tax Due P 720,000 P 900,000 P 720,000
(P5.3). CREATE ACT
1. P1,643,000
2. P762,500
3. P1,313,000
Solution:
DC RFC NRFC
Gross sales-Phils. P8,000,000 P8,000,000 P8,000,000
Cost of goods sold – Phils. (3,500,000) (3,500,000) (3,500,000)
Operating expenses – Phils. (2,200,000) (2,200,000) -
Other income – Phils. 750,000 750,000 750,000
Gross sales-USA 4,600,000
Cost of goods sold – USA (1,430,000)
Operating expenses – USA (1,250,000)
Gross sales-USA 3,300,000
Cost of goods sold – USA (900,000)
Operating expenses – USA (800,000) .
Taxable Income P6,570,000 P3,050,000 P5,250,000
Tax Rate 25% 25% 25%
Income Tax Due P1,643,000 P762,500 P1,313,000
(P5.4)
CASE A (Domestic Corporation) – CREATE ACT:
1. P1,107,000
2. P1,383,750
3. P92,500
4. P562,500
Solution:
Philippines Abroad Total
Gross sales P10,000,000 P5,000,000 P15,000,000
Sales returns 200,000 (200,000)
Cost of goods sold 3,500,000 2,250,000
(5,750,000)
Operating expenses 2,800,000 1,100,000 (3,900,000)
Interest income from trade receivable 100,000 50,000
150,000
Interest income from BPI deposits-USA - 80,000 80,000
Interest income from money market placement 100,000
100,000
Dividend income from domestic corporation exempt
exempt
Dividend income from ABC Corp. (RFC); the entire divided
is considered income within, hence, exempt under CREATE Act exempt -
exempt
Dividend income-nonresident foreign corp.; the conditions
for exemption under CREATE Act were not satisfied - 30,000
30,000
(P5.4)

No. 1: DC + MSME
Taxable income P5,535,000
Tax rate for MSME under CREATE Act 20%
Regular Corporate Income Tax Due P1,107,000

No. 2: DC Other than MSME

Taxable income P5,535,000
Tax rate for MSME under CREATE Act 25%
Regular Corporate Income Tax Due P1,383,750

No. 3: Philippines Final Tax

Interest income from BPI deposits-Phils. @ 20% 100,000 P20,000
Interest income from FCDS @ 15% 150,000 22,500
Income from money market placement @ 20% 200,000 40,000
Royalty income @ 20% 50,000 10,000
Final tax on passive income P92,500

No. 4: Capital Gains Tax

Gain on sale of shares sold directly to a buyer P22,500
[(150,000x 15%)
Sale of real property in the Philippines 540,000
(SP of P9M** x 6%) .
Total Capital Gains Tax P562,500
**SP = Cost + Gain = P4M + 5M = P9M; SP is higher than FMV
CASE B (Resident Foreign Corporation; disregard sale of real property) – CREATE ACT:
5. P911,250
6. P92,500 (same computation with a DC)
7. P22,500

Solution:
Gross sales P10,000,000
Sales returns (200,000)
Cost of goods sold (3,500,000)
Operating expenses (2,800,000)
Interest income from trade receivable 100,000
Dividend income-resident foreign corp. 45,000
Taxable income P 3,645,000
Tax rate – CREATE ACT 25%
Normal Corporate Income Tax Due P 911,250

Philippines Final Tax

Interest income from BPI deposits-Phils. @ 20% 100,000 P20,000
Interest income from FCDS deposit @ 15% (CREATE) 150,000 22,500
Income from money market placement @ 20% 200,000 40,000
Royalty income @ 20% 50,000 10,000
Final tax on passive income P92,500
Capital Gains Tax
Gain on sale of shares sold directly to a buyer
CGT under CREATE Act = P150,000 x 15% P22,500
CASE C (Resident Foreign Corporation; (there was a sale of real property in the Philippines) – CREATE ACT:
8. P2,161,250
9. P92,500
10. P22,500

Solution:
Gross sales P10,000,000
Sales returns (200,000)
Cost of goods sold (3,500,000)
Operating expenses (2,800,000)
Interest income from trade receivable 100,000
Dividend income-resident foreign corp. 45,000
GAIN ON SALE OF REAL PROPERTY in the Philippines 5,000,000
Taxable income P8,645,000
Tax rate – CREATE ACT 25%
Normal Corporate Income Tax Due P2,161,250

Philippines Final Tax

Interest income from BPI deposits-Phils. @ 20% 100,000 P20,000
Interest income from FCDS deposit @ 15% (CREATE) 150,000 22,500
Income from money market placement @ 20% 200,000 40,000
Royalty income @ 20% 50,000 10,000
Final tax on passive income P92,500
Capital Gains Tax
Gain on sale of shares sold directly to a buyer
CGT under CREATE Act = P150,000 x 15% P22,500
CASE D (Non-Resident Foreign Corporation; (disregard sale of real property and there was tax sparing) –
CREATE ACT:
11. P1,732,500

Solution:
Gross sales P10,000,000
Sales returns (200,000)
Cost of goods sold (3,500,000)
GROSS INCOME P 6,300,000
ADD:
Interest income from trade receivable 100,000
Interest income from BPI deposits-Phils. 100,000
Income from money market placement 200,000
Dividend income-resident foreign corp. 45,000
Royalty income 50,000
Total “Gross” Income P 6,795,000
Tax rate 25% P1,698,750
ADD:
Dividend income from DC = P75,000 x 15% 11,250
CGT on shares of DC = P150,000 x 15% 22,500
TOTAL FINAL TAXES P1,732,500
CASE E (Non-Resident Foreign Corporation; (disregard sale of real property and there was no tax sparing) –
CREATE ACT:
12. P1,740,000

Solution:
Gross sales P10,000,000
Sales returns (200,000)
Cost of goods sold (3,500,000)
GROSS INCOME P 6,300,000
ADD:
Interest income from trade receivable 100,000
Interest income from BPI deposits-Phils. 100,000
Income from money market placement 200,000
Dividend income-resident foreign corp. 45,000
Royalty income 50,000
Total “Gross” Income P 6,795,000
Tax rate 25% P1,698,750
ADD:
Dividend income from DC = P75,000 x 25% 18,750
CGT on shares of DC = P150,000 x 15% 22,500
TOTAL FINAL TAXES P1,740,000
(P5.5)
1. Exempt 6. Exempt
2. 25% RCIT 7. 25% RCIT
3. 20% RCIT 8. Exempt
4. Exempt 9. 15% FWT
5. Exempt 10. 25% FWT
(P5.6) RISING START INCORPORATED. FWT on Passive Income based on CREATE ACT:
A. Rising Star Incorporated is a domestic corporation
Answer: P400,000
Solution:

Current account, BDO @ 20% P120,000

Savings deposit, BPI @ 20% 100,000
Interest income from government bonds @ 20% 40,000
Interest income from FCDU account @ 15% 120,000
Royalty income from various domestic corporations @ 20% 20,000
Total FINAL TAXES on passive income P400,000

The dividends received and interest income from savings deposit in Canada shall be taxable as follows:
• Dividend income from a domestic corporation Exempt
• Dividend income from Intel (derived from Philippines) Exempt
• Dividend income from IBM (foreign-sourced dividend) Exempt
• Dividend income from Canon (foreign-sourced dividend) Subject to RCIT
• Dividend income from Microsoft (foreign-sourced dividend) Subject to RCIT
• Interest income from Savings deposit in Canada Subject to RCIT
B. Rising Star Incorporated is a resident foreign corporation
Answer: P400,000
NOTE:
1. The FWT rates imposed to DCs and RFCs for Interest Income and Royalty income are the same under the
CREATE Act.
2. The dividend income received from a domestic corporation is exempt from income tax.
3. The dividend income received from Intel corporation, considered as derived from Philippine sources, is
subject to 25% RCIT
4. Foreign corporations are taxable only on income derived from sources within the Philippines. Therefore,
the foreign-sourced dividends and interest income from savings deposit in Canada shall not be subject to
tax in the Philippines:
• Dividend income from IBM (foreign-sourced dividend) Non-taxable
• Dividend income from Canon (foreign-sourced dividend) Non-Taxable
• Dividend income from Microsoft (foreign-sourced dividend) Non-Taxable
• Interest income from Savings deposit in Canada Non-Taxable
C. Rising Star Incorporated is a nonresident foreign corporation – with tax sparing
Answer: P495,000

Solution:
Dividend income from a domestic corporation (with tax sparing), P300,000 @ 15%
P 45,000
Dividend income from Intel (derived from Philippines) P 400,000
Current account, BDO 600,000
Savings deposit, BPI 500,000
Interest income from government bonds 200,000
Royalty income from various domestic corporations 100,000
TOTAL P1,800,000
FWT rate under the CREATE Act 25% 450,000
TOTAL FINAL TAXES P495,000
NOTE:
1. FWT on Interest income derived from FCDU deposits is applicable only to resident taxpayers.
2. Foreign corporations are taxable only on income derived from sources within the Philippines. Therefore,
the foreign-sourced dividends and interest income from savings deposit in Canada shall not be subject to
tax in the Philippines:
• Dividend income from IBM (foreign-sourced dividend) Non-taxable
• Dividend income from Canon (foreign-sourced dividend) Non-Taxable
• Dividend income from Microsoft (foreign-sourced dividend) Non-Taxable
• Interest income from Savings deposit in Canada Non-Taxable
D. Rising Star Incorporated is a nonresident foreign corporation – without tax sparing
Answer: P525,000

Solution:
Dividend income from a domestic corporation (without tax sparing) P 300,000
Dividend income from Intel (derived from Philippines) 400,000
Current account, BDO 600,000
Savings deposit, BPI 500,000
Interest income from government bonds 200,000
Royalty income from various domestic corporations 100,000
TOTAL P2,100,000
FWT rate under the CREATE Act 25%
TOTAL FINAL TAXES P525,000
(P5.7) – CASE A: 2023 taxable year (transition year for MCIT)
Q1 Q2 Q3 Q4
Gross profit from sales P1,600,000 P3,200,000 P4,800,000 P6,200,000
Business expenses (1,200,000) (2,400,000) (3,400,000)
(4,200,000)
Taxable Net Income 400,000 800,000 1,400,000 2,000,000
RCIT @ 20% - MSME P80,000 P160,000 P280,000 P400,000
MCIT (Gross Profit x 1.5% transition rate) P24,000 P48,000 P72,000
P93,000

TAX DUE (Higher) P80,000 P160,000 P280,000 P400,000

Less: Income tax withheld (30,000) (70,000) (130,000)
(230,000)
Tax Paid Q1 - (50,000) (50,000)
(50,000)
Tax Paid Q2 (40,000)
(40,000)
Tax Paid Q3
(60,000)
Income Tax Payable P50,000 P40,000 P60,000 P20,000
(P5.7) – CASE B: 2024 taxable year (transition year for MCIT)
Q1 Q2 Q3 Q4
Gross profit from sales P1,600,000 P3,200,000 P4,800,000 P6,200,000
Business expenses (1,200,000) (2,400,000) (3,400,000) (4,200,000)
Taxable Net Income 400,000 800,000 1,400,000 2,000,000
RCIT @ 20% - MSME P80,000 P160,000 P280,000 P400,000
MCIT (Gross Profit x 2%) P32,000 P64,000 P96,000 P124,000

TAX DUE (Higher) P80,000 P160,000 P280,000 P400,000

Less: Income tax withheld (30,000) (70,000) (130,000) (230,000)
Tax Paid Q1 - (50,000) (50,000) (50,000)
Tax Paid Q2 (40,000) (40,000)
Tax Paid Q3 - (60,000)
Income Tax Payable P50,000 P40,000 P60,000 P20,000
(P5.8)
Year 4 Year 5 Year 6 Year 7 Year 8
MCIT 100,000 60,000 50,000 40,000 20,000
RCIT 30,000 70,000 60,000 30,000 90,000
TAX DUE (Higher) 100,000 70,000 60,000 40,000 90,000

Excess MCIT
Year 4 - (70,000) - - -
Year 7 (10,000)
Income Tax Payable 100,000 0 60,000 40,000 80,000

(P5.9)
1. P120,000
2. P690,000
3. P210,000
4. P495,000
Q1 Q2 Q3 Q4
Tax Due 2023 RCIT P300,000 MCIT P990,000 RCIT P1,410,000
RCIT P2,010,000
Excess MCIT 2022 (90,000) NA (90,000)
(90,000)
Excess W/holding Tax 2022 (30,000) (30,000) (30,000)
(30,00)
Creditable Withholding Tax – 2023 (60,000) (150,00)
(P5.10) Taxable Joint Venture
1. Taxable income of the joint venture = P20M
2. Income tax payable of the joint venture = P5M
3. Taxable income of ABC Company = P10M
4. Income tax payable of ABC Company = P2.5M
5. Taxable income DEF Company = P4.5M
6. Income tax payable of DEF Company = P900,000
Joint Venture ABC Co. DEF Co. (MSME)
Gross income P50,000,000 P30,000,000 P20,000,000
Business expenses (30,000,000) (20,000,000) (15,500,000)
Taxable income P20,000,000 P10,000,000 P4,500,000
Tax Rate (RCIT) 25% 25% 20%
Tax Due P5,000,000 P2,500,000 P900,000
(P5.11) Tax Exempt Joint Venture
1. Taxable income of the joint venture = nil; tax exempt
2. Income tax payable of the joint venture = nil; tax exempt
3. Taxable income of Alpha Company = P15M
4. Income tax payable of Alpha Company = P3,750,000
5. Taxable income Omega Company = P10.5M
6. Income tax payable of Omega Company = P2,625,000
Joint Venture Alpha Co. Omega Co.
Gross income P40,000,000 P20,000,000 P8,000,000
Business expenses (30,000,000) (10,000,000) (2,500,000)
SHARE IN THE INCOME OF THE JOINT VENTURE - 5,000,000 5,000,000
Net income P10,000,000 P15,000,000 P10,500,000
Tax Rate 25% 25%
Tax Due P0 P3,750,000 P2,625,000
(P5.12)
1. [(P6M-4M) + (($50,000-$20,000)x45)] = P3,350,000 x 25% = P837,500
2. (P6M-4M) x 25% = P500,000
3. P6M x 25% = P1,500,000
4. P6M x 2.5% = P150,000
5. P6M x 1.5% = P90,000
6. P6M x 25% = P1,500,000
7. P6M x 4.5% = P270,000
8. P6M x 7.5% = P450,000
9. *P3,350,000 x 1% = P33,500
10. P837,500; same computation with #1
11. nil; exempt

(P5.13)
1. [8M] x 2.5% = P200,000
2. [8M x 1%) = P80,000
3. nil; tax exempt on the basis of reciprocity

(P5.14)
1.Related 4.Related
2.Related 5.Related
3.Related 6.Unrelated
(P5.15) Proprietary Educational Institution:
Gross income, related activities P5,000,000
Gross income, unrelated activities (excluding rental income) 5,000,000
Rental income from commercial spaces (gross of 5% WT) – unrelated 2,000,000
Expenses, related activities (2,000,000)
Expenses, unrelated activities (3,000,000)
Taxable income P7,000,000
Tax Rate (RCIT); Unrelated income > Related income 25%
Tax Due P1,750,000
Less: CWT on rental income (P2M x 5%) (100,0000)
Quarterly tax payments for the first 3 quarters (500,000)
Income Tax Payable P1,150,000

(P5.16).
Question 1:
Tuition fees P9,500,000
Miscellaneous fees 1,200,000
Income from bookstore 350,000
Income of school canteen 180,000
Salary, allowances and bonus (6,400,000)
Other operating expenses (2,600,000)
Depreciation expense-classrooms (75,000)
Depreciation expense-furniture and equipment (50,000)
Taxable income P2,105,000
x Tax Rate 2024 10%
Tax Due 2024 P210,500
Question 2:
Tuition fees P9,500,000
Miscellaneous fees 1,200,000
Income from bookstore 350,000
Income of school canteen 180,000
Salary, allowances and bonus (6,400,000)
Other operating expenses (2,600,000)
Construction of additional classrooms (1,300,000)
Acquisition of furniture and equipment (400,000)
Taxable income P530,000
x Tax Rate 2024 10%
Tax Due 2024 P53,000

Question 3 – Transition Year:

Tuition fees P9,500,000
Miscellaneous fees 1,200,000
Income from bookstore 350,000
Income of school canteen 180,000
Salary, allowances and bonus (6,400,000)
Other operating expenses (2,600,000)
Construction of additional classrooms (1,300,000)
Acquisition of furniture and equipment (400,000)
Taxable income P530,000
x Tax Rate 2023 – transition year 5.5%
Tax Due 2023 P29,150
(P5.17). CGT;
Answer: P117,000
CGT on Land = P1.5M x 6% P90,000
CGT on shares = P180,000 x 15% 27,000
Total capital gains tax P117,000

(P5.18)
Answer: P36,000

Solution:
Sale#3; capital gain = P190,000:
CGT = P190,000 x 15% P28,500
Sale#4; capital gain = P50,000; CGT@ 5%
CGT = P50,000 x 15% 7,500
Sale#5; capital loss = P30,000; CGT = none -
Total capital gains tax P36,000
TRUE OR FALSE
1. TRUE 11. TRUE 21. FALSE
2. TRUE 12. TRUE 22. FALSE
3. TRUE 13. FALSE 23. TRUE
4. TRUE 14. TRUE 24. TRUE
5. FALSE 15. FALSE 25. TRUE
6. TRUE 16. TRUE
7. TRUE 17. TRUE
8. TRUE 18. TRUE
9. TRUE 19. TRUE
10. FALSE 20. FALSE

(10) it shall be “prolonged labor dispute” resulting from temporary closure of the business
(15) treated as inter-corporate dividend, hence, nontaxable
(20) should be July 1, 2020
(21) should be January 1, 2021
(25) TRUE based on RR 14-2021.
MULTIPLE CHOICE
1. D 16. B 31. C
2. B 17. B 32. D
3. C 18. B 33. C
4. B 19. C 34. A
5. A 20. D 35. D
6. D 21. D 36. C
7. C 22. B 37. D
8. B 23. A 38. C
9. B 24. C 39. A
10. B 25. D 40. D
11. C 26. D 41. D
12. D 27. B 42. B
13. A 28. A 43. B
14. C 29. D 44. B
15. C 30. D 45. D
(4).
Domestic RFC NRFC
Gross Income, Philippines P9,750,000 P9,750,000 P9,750,000
Expenses, Philippines (4,800,000) (4,800,000)
Gross Income, Malaysia 7,000,000
Expenses, Malaysia (5,300,000)
Interest on bank deposit - - 250,000
Taxable income P6,650,000 P4,950,000 P10,000,000
Tax Rate – CREATE Act 25% 25% 25%
Tax Due P1,662,500 P1,237,500 P2,500,000

(5).
Gross profit from sales P3,000,000
Business expenses (1,800,000)
Dividend income from a resident corporation 50,000
Dividend income from a nonresident corporation 40,000
Capital gain on sale of land in China 200,000
Interest income from notes receivable 20,000
Taxable income P1,510,000
Tax Due @ 20% (MSME) P302,000

(6).
Sale of land-Phils. P2M x 6% P120,000
Sale of shares of DC = P120,000 x 15% 18,000
Capital gains tax P138,000
(7).
Interest income on peso bank deposit @ 20% P6,000
Interest income on foreign currency bank deposit @ 15% 3,750
Interest income on treasury bills @ 20% 2,000
Total final taxes on passive income P11,750

(8).
To Louie @ 10% P10,000
To Floyd @ 10% 10,000
To Zeus @ 10% 10,000
To JJ @ 20% 20,000
To Francis @ 25% 25,000
To Chen, a domestic corporation Exempt
To a resident foreign corporation Exempt
To a nonresident foreign corporation @ 15% 15,000
Total withholding taxes P90,000
(10).
Final W. Tax = $3,000 x P45 x 10% = 13,500

(11).
Interest income from loans P100,000,000
OPEX (P120M x 100/150) (80,000,000)
Taxable income P20,000,000
Income Tax Rate 25%
Income Tax Due P5,000,000

(12 and 13)

Solution:
Taxable Joint Venture ABC Co. DEF Co.
G Income P5,000,000 P3,000,000 P2,000,000
Expenses (3,000,000) (2,000,000) (1,500,000)
TNI P2,000,000 P1,000,000 P500,000
RCIT - MSME 20% 20% 20%
Tax Due P400,000 P200,000 P100,000
(14).
Tax Exempt Joint Venture ABC Co. DEF Co.
G Income P5,000,000 P3,000,000 P2,000,000
Sh. in Inc. of JV 1,400,000 600,000
Expenses (3,000,000) (2,000,000) (1,500,000)
TNI P2,000,000 P2,400,000 P1,100,000
RCIT - 20% 20%
Tax Due - P480,000 P220,000

(17). Income Tax Due = (P10M-P4M) x 25% = P1,500,000

(18). Income Tax Due = P10M x 2.5% = P250,000

(19). Statement 1: False. 3% CCT shall be applicable only on their transport of goods.

(20). Income Tax Payable = P8M x 2.5% = P200,000

(21). Tax Expense (Income Tax and Common carrier’s tax):

= (P8M x 2.5% ) + (P8M x 25% x 3%CCT) = P200,000 + 60,000 = P260,000

(22). Branch Remittance Tax = P2M x 15% = P300,000

(28).
Gross income, related activities P5,000,000
Gross income, unrelated activities (except rental income) 5,000,000
Rental income from commercial spaces (gross of 5% WT) 2,000,000 P12,000,000

Expenses, related activities 2,000,000

Expenses, unrelated activities 3,000,000 (5,000,000)
Taxable income, 2024 P7,000,000
Tax rate (unrelated income>related income); use RCIT 25%
Tax due P1,750,000
Less: Quarterly tax payments P500,000
Withholding tax on rental income 100,000 (600,000)
Income Tax payable; 2024 P1,150,000

(29).
Income from tuition fees P5,000,000
Miscellaneous school fees 1,500,000
Dividend income from foreign corp. 2,000,000
Rental income (gross of 5% WT) 500,000 P9,000,000
OPEX (4,000,000)
Taxable income 2023 P5,000,000
Tax rate (related income>unrelated income); Transition year 5.5%
Tax due P275,000
Less: Withholding tax on rental income (25,000)
Income Tax payable, 2023 (Transition year) P250,000
(30).
Tuition and other fees P5,000,000
Rental income (gross of 5% WT) 50,000
OPEX (1,500,000)
CAPEX (2,000,000)
Taxable income, 2024 P1,550,000
Tax rate (related income>unrelated income) 10%
Tax due P155,000
Less: Withholding tax on rental income (2,500)
Income Tax payable, 2024 P152,500

(31).
Gross Receipts P8,500,000
Rental income (gross of 5% WT) 1,500,000
OPEX (8,200,000)
Taxable income P1,800,000
Tax rate - MSME 20%
Tax due P360,000
Less: Withholding tax on rental income (75,000)
Income Tax payable P285,000
(32).
Tuition fees P6,800,000
Rental income (gross of 5% WT) 5,200,000
OPEX (6,000,000)
Taxable income P6,000,000
Tax rate @ 25% (unrelated income is higher) 25%
Tax due P1,500,000
Less: Withholding tax on rental income (260,000)
Tax payable P1,240,000
2017 2018 2019 2020 2021 2022 2023 2024
RCIT 25,000 130,000 200,000 0 100,000 150,000 8,000 1,000

MCIT 100,000 150,000 190,000 300,000 50,000 60,000 40,000 50,000

Due (Higher) 100,000 150,000 200,000 300,000 100,000 150,000 40,000 50,000

EXCESS 75,000 20,000 0 300,000 0 0 32,000 49,000

MCIT
TAX DUE 100,000 150,000 200,000 300,000 100,000 150,000 40,000 50,000

MCITCO

2017 (75,000)

2018 (20,000)

2020 (100,000) (150,000)

TAX 100,000 150,000 105,000 300,000 0 0 40,000 50,000

PAYABLE