2.  S1: The excess of allowable deductions over gross sales is net operating loss.   S2: Net operating loss is a deduction from gross income even if the taxpayer chose optional standard deduction. S3: If net operating loss is incurred in 2021, the taxpayer can carry over the loss in the immediately succeeding three (3) years Which is TRUE?

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A: Correct option: B

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Q: Jokers Company reported the following:   How much of the net operating loss from 2019 cannot be be…

A: NOLCO stands for Net Operating Loss Carry-over. Net operating Loss for taxation purposes is that…

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Q: S1: If a taxpayer dies within the taxable period, its accounting period shall cover the start of the…

A: Solution Answer As per the BIR provisions When a tax payer dies the accounting period shall be from…

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A: Cash basis taxpayer means the tax payer who report expense and revenue on cash basis and not on…

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A: Option a: This option is incorrect because, It depends on the tax rate. In some cases, it could be…

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A: Correct answer is C. Taxable income.

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A: Answer: Under the cash method of tax accounting, tax deductions are taken when expenditures are…

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Q: rue or Fals

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A: The third option statement is incorrect, that is, residential interest is a common example of an…

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Q: How long can a taxpayer carry foward a 2021 Net Operation Loss (NOL)?

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Q: a future taxable amount will occur

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