Practice question
Explain the current-year reconciliation required when a business retires under 145. Apply it to PHP20,000 already paid against PHP35,000 properly due.
Legal references
- RA7160, LGC Sections139,145-146,150,157-163 and252-253: https://lawphil.net/statutes/repacts/ra1991/ra_7160_1991.html
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