Given the following information, how much is the total income tax credit available for deduction from the regular corporate income tax due? Quarterly income tax payments P320,000.00 Creditable withholding taxes withheld by customers P 80,000.00 Net operating loss carry-over from 2021 P150,000.00 MCIT excess credits from 2020 P 50,000.00 Group of answer choices P50,000.00 P600,000.00 P450,000.00 P400,000.00
Given the following information, how much is the total income tax credit available for deduction from the regular corporate income tax due? Quarterly income tax payments P320,000.00 Creditable withholding taxes withheld by customers P 80,000.00 Net operating loss carry-over from 2021 P150,000.00 MCIT excess credits from 2020 P 50,000.00 Group of answer choices P50,000.00 P600,000.00 P450,000.00 P400,000.00
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 25P: LO.2 Oak Corporation has the following general business credit carryovers. If the general business...
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Question
Given the following information, how much is the total income tax credit available for deduction from the regular corporate income tax due?
Quarterly income tax payments P320,000.00
Creditable withholding taxes withheld by customers P 80,000.00
Net operating loss carry-over from 2021 P150,000.00
MCIT excess credits from 2020 P 50,000.00
Group of answer choices
P50,000.00
P600,000.00
P450,000.00
P400,000.00
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