Optional Standard Deduction

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1. Under Section 34(L), what is the maximum OSD percentage for an eligible individual? Multiple Choice Easy
2. For a corporation eligible under Section 34(L), the maximum 40% OSD is based on what? Multiple Choice Easy
3. What is the effect of electing OSD in the return for the taxable year under Section 34(L)? Multiple Choice Easy
4. An eligible individual professional validly elects the maximum OSD on stipulated gross receipts ofP 1,000,000. There ar… Multiple Choice Medium
5. An eligible corporation validly elects maximum OSD. Its stipulated Section 32 gross income isP 3,000,000 and gross sale… Multiple Choice Medium
6. A sole proprietor validly elects OSD and reports stipulated gross sales ofP 2,000,000. He first subtractsP 1,000,000 co… Multiple Choice Hard
7. A general professional partnership has already availed of OSD in computing the income attributable to its partners. A p… Multiple Choice Hard
8. Compare the OSD computation bases for eligible individuals and corporations. Explain the role of cost of sales for an i… Essay Medium
9. An eligible taxpayer elects OSD in the return, then later seeks itemized deductions for the same taxable year because a… Essay Medium
10. Explain the once-only OSD limitation for a general professional partnership and its partners, and whether an individual… Essay Medium
11. Which individual category is expressly excluded by the OSD provision? Multiple Choice Easy
12. Which foreign-corporation category is included in the statutory OSD coverage through Section28(A)(1)? Multiple Choice Easy