bsp;
900,000
Less:
Interest payable 1997…………………………………… 2,000
Franked income received…………………………………… 15,000
Interest earned on urban renewal bond…………………… 70,000
Gain on disposal of fixed assets………………………… 3,000
Interest receivable 1998-Accrued………………………… 5,000
Capital allowances (Note 3) ……………………………………45,000
Special capital allowance (Note 4) ……………100,000 240,000
Taxable income…………………………………………………… J$660,000
Tax payable at 33 1/3……………………………………… J$220,000
Less:
Credit for tax deducted from foreign income………………6,000
Credit for bonus issue of shares (Note 5) ……………… 97,500
Credit for tax deducted from Iocal bank interest…15,500 (119,000)
Net tax payable…………………………………………………J$ 101,000
Notes:
1.Specific bad debts are allowed.
2.recapture of excess tax depreciation is taxed as income.
3.Tax depreciation granted in lieu of book depreciation.
4.Cost of new machinery purchased in 1997 is J$200,000. Amount available in 1998 is J$100,000 (assuming the company is a "qualifying business").
5.Tax credit is 25% of nominal value of bonus shares. Maximum qualifying amount of bonus shares is 50% of after-tax accounting profits.
After-tax profit (1,00
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