Which statement is true? In computing the net taxable income of a corporation availing of the optional standard deduction, the OSD shall be deducted from the total sales or revenue.A corporate taxpayer is not qualified to avail of NOLCO as this is only applicable to individual taxpayers.The income of a business partnership shall be taxed with the regular corporate income tax and the share of each partner from the income of the partnership shall be subject to the regular income tax as well.Generally, government owned or controlled corporations are taxable.

Optional Standard Deduction (OSD) - It is a maximum deduction of 40% of Gross sales/ gross receipts…

Answered: Which statement is true? In computing…

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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Which statement is true?

In computing the net taxable income of a corporation availing of the optional standard deduction, the OSD shall be deducted from the total sales or revenue.
A corporate taxpayer is not qualified to avail of NOLCO as this is only applicable to individual taxpayers.
The income of a business partnership shall be taxed with the regular corporate income tax and the share of each partner from the income of the partnership shall be subject to the regular income tax as well.
Generally, government owned or controlled corporations are taxable.

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