Which of the following statements is/are correct? A. A minimum corporate income tax (MCIT) of 1% of gross income from July 1, 2020 t June 2023 and 2% beginning July 1, 2023 is imposed upon any domestic corporatio and resident foreign corporation beginning on the 4th taxable year immediately following the taxable year in which such corporation commenced its business operations. B. MCIT shall be imposed whenever such corporation has zero or negative taxable income, or when the amount of MCIT is greater than the normal income tax due fro such corporation. C. The computation and the payment of the MCIT, shall likewise apply at the time of filing the quarterly corporate income tax. A Lonly B I only I and III only D I II and III

Which of the following statements is/are correct? A. A minimum corporate income tax (MCIT) of 1% of gross income from July 1, 2020 t June 2023 and 2% beginning July 1, 2023 is imposed upon any domestic corporatio and resident foreign corporation beginning on the 4th taxable year immediately following the taxable year in which such corporation commenced its business operations. B. MCIT shall be imposed whenever such corporation has zero or negative taxable income, or when the amount of MCIT is greater than the normal income tax due fro such corporation. C. The computation and the payment of the MCIT, shall likewise apply at the time of filing the quarterly corporate income tax. A Lonly B I only I and III only D I II and III

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ABC corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: A. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. B. If it is private educational institution, Compute for its income tax due after tax credit. C. If it is a non-profit hospital, Compute for its income tax credit.
Which of the following statements is incorrect? Some corporations can use the cash-basis of accounting. Corporations that own foreign subsidiaries cannot file a Form 1120. A corporation can choose a fiscal year-end of its choice when filing its first tax return. A calendar year corporate tax return is due 3½ months after the end of the fiscal year
11
Vikrambahi
Corporate Estimated Tax. F Corporation, a calendar year corporation, reported the following information with respect to its tax liabilities for 2020 and 2021: Actual 2021 tax liability . Actual 2020 tax liability . $120,000 100,000 F made timely quarterly estimated tax payments of $26,000 each quarter during 2021. F Corporation is not a “large" corporation (i.e., it did not have taxable in- come of $1 million or more in any of the three preceding taxable years). The 2020 tax liability was for a full 12-month period. Compute the amount of quarterly underpayment for F Corporation, if any.
Egolf Corporation failed to include $300,000 of taxable interest income on its 2021 calendar year Form 1120. The gross income reported on the return was $4.7 million, and the return was filed on February 20, 2022. Required: a. What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? b. Assume Egolf only reported $1 million in gross income on its 2021 calendar year return. What is the last date on which the IRS may assess additional tax for 2021? Complete this question by entering your answers in the tabs below. Required A Required B What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? Due date for assessment of additional tax is
Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: Gross income Deductions Taxable income Philippines Abroad P400,000 200,000 P 200.000 P300,000 150,000 P150,000 Total P700,000 350,000 P350,000
At December 31, 2020 Sunland Corporation reported a deferred tax liability of $210000 which was attributable to a taxable temporary difference of $740000. The temporary difference is scheduled to reverse in 2024. During 2021, a new tax law increased the corporate tax rate from 20% to 30%. Sunland should record this change by debiting
What impact does an increase in expenses have on net income?
Compute the income tax due if Sandbox Corporation which is an MSME domestic corporation reported the following gross income and expenses in 2021: A.Using the same data in the previous question, what is the income tax due if Sandbox is a resident foreign corporation? B.Using the same data in the previous question, what is the income tax due if Sandbox is a non-resident foreign corporation? C.Using the same data in the previous question, what is the income tax due if Sandbox is a private proprietary educational institution?
When may a Special Corporation be subject to both special and regular income tax rate concurrently at the same taxable year? Discuss FULLY with reference.
Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done X