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1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax?

1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following are the composition of the total gross income of a domestic corporation which is subject to MCIT: sales (net of discount and allowances) less: cost of sales gross income dividends income royalty income gain on sale of building total gross income 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax? MPG institute reported the following: related 4,000,000.00 2,400,000.00 1,600,000.00 100,000.00 250,000.00 150,000.00 2,100,000.00 300,000.00 100,000.00 200,000.00 unrelated total 200,000.00 100,000.00 100,000.00 500,000.00 200,000.00 300,000.00 Gross income deductions taxable income 1. What is the tax due if the corporation is an exempt non-profit corporation? 2. Wht is the tax due if the corporation is a proprietary educational institution or non profit hospital?
Transcribed Image Text:The following are the composition of the total gross income of a domestic corporation which is subject to MCIT: sales (net of discount and allowances) less: cost of sales gross income dividends income royalty income gain on sale of building total gross income 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax? MPG institute reported the following: related 4,000,000.00 2,400,000.00 1,600,000.00 100,000.00 250,000.00 150,000.00 2,100,000.00 300,000.00 100,000.00 200,000.00 unrelated total 200,000.00 100,000.00 100,000.00 500,000.00 200,000.00 300,000.00 Gross income deductions taxable income 1. What is the tax due if the corporation is an exempt non-profit corporation? 2. Wht is the tax due if the corporation is a proprietary educational institution or non profit hospital?
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