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.
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.
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 43P
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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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