Question No 36:
CFP, an entity resident in Country X, had an accounting profit for the year ended 31 December 2011 of $860,000. The accounting profit was after charging depreciation of $42,000 and amortisation of development costs of $15,000.
CFP was entitled to a tax depreciation allowance of $51,000 for the year to 31 December 2011.
CFP’s tax payable for the year ended 31 December 2011 is:
A. $202,250
B. $206,500
C. $212,750
D. $216,500
Answer: B
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