Which of the following statements is true regarding minimum corporate income tax? Minimum corporate income tax may be imposed on a proprietary educational institution but not on non-stock non-profit educational institution. The excess of minimum corporate income tax over the regular corporate income tax may be carried over for a period of three years. O Upon determination of force majeure or prolonged labor dispute, the Commissioner of Internal Revenue may suspend the imposition of the minimum corporate income tax. One person corporations are exempt from the imposition of the minimum corporate income tax.
Which of the following statements is true regarding minimum corporate income tax? Minimum corporate income tax may be imposed on a proprietary educational institution but not on non-stock non-profit educational institution. The excess of minimum corporate income tax over the regular corporate income tax may be carried over for a period of three years. O Upon determination of force majeure or prolonged labor dispute, the Commissioner of Internal Revenue may suspend the imposition of the minimum corporate income tax. One person corporations are exempt from the imposition of the minimum corporate income tax.
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 10MCQ
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Which of the following statements is true regarding minimum corporate income tax?
![Which of the following statements is true regarding minimum corporate
income tax?
O Minimum corporate income tax may be imposed on a proprietary educational
institution but not on non-stock non-profit educational institution.
The excess of minimum corporate income tax over the regular corporate
income tax may be carried over for a period of three years.
O Upon determination of force majeure or prolonged labor dispute, the
Commissioner of Internal Revenue may suspend the imposition of the
minimum corporate income tax.
O One person corporations are exempt from the imposition of the minimum
corporate income tax.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F00b13baf-130b-4e1c-8756-f4d3ddcad39a%2Fff848c07-719c-49dd-a505-748764f43af3%2Fto6uppv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following statements is true regarding minimum corporate
income tax?
O Minimum corporate income tax may be imposed on a proprietary educational
institution but not on non-stock non-profit educational institution.
The excess of minimum corporate income tax over the regular corporate
income tax may be carried over for a period of three years.
O Upon determination of force majeure or prolonged labor dispute, the
Commissioner of Internal Revenue may suspend the imposition of the
minimum corporate income tax.
O One person corporations are exempt from the imposition of the minimum
corporate income tax.
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