Which of the following is false? Individual and Corporate taxpayers must declare their intention to avail of the OSD in their annual income tax Return. The option to avail of the OSD shall be irrevocable for the whole taxable year. The option to avail of the OSD is applicable to taxpayers subject to regular income tax on their net income None of the above A corporation may be formed by one person only. Every partnership shall be taxed in the same manner as a corporation. The share of a partner in the income of a professional partnership shall be subject to regular income tax. None of the above
Which of the following is false? Individual and Corporate taxpayers must declare their intention to avail of the OSD in their annual income tax Return. The option to avail of the OSD shall be irrevocable for the whole taxable year. The option to avail of the OSD is applicable to taxpayers subject to regular income tax on their net income None of the above A corporation may be formed by one person only. Every partnership shall be taxed in the same manner as a corporation. The share of a partner in the income of a professional partnership shall be subject to regular income tax. None of the above
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 42P
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Which of the following is false?
- Individual and Corporate taxpayers must declare their intention to avail of the OSD in their annual income tax Return.
- The option to avail of the OSD shall be irrevocable for the whole taxable year.
- The option to avail of the OSD is applicable to taxpayers subject to regular income tax on their net income
- None of the above
- A corporation may be formed by one person only.
- Every partnership shall be taxed in the same manner as a corporation.
- The share of a partner in the income of a professional partnership shall be subject to regular income tax.
- None of the above
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