Tax Deductions vs. Tax Credits

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1. What does an allowable income-tax deduction ordinarily reduce? Multiple Choice Easy
2. What does an allowable income-tax credit ordinarily offset? Multiple Choice Easy
3. Under NIRC Section 31 as amended by TRAIN, taxable income means pertinent gross-income items less what? Multiple Choice Easy
4. Assume pertinent gross income of P1,000,000 and P200,000 of fully allowable deductions. There are no other adjustments.… Multiple Choice Medium
5. Assume correctly computed income tax before credits of P100,000 and a fully allowable P20,000 credit. No other adjustme… Multiple Choice Medium
6. A taxpayer has a stipulated fully allowable P50,000 income deduction and a separate stipulated fully allowable P50,000 … Multiple Choice Hard
7. A domestic corporation elects and validly claims a foreign income-tax credit under NIRC Section 34(C). It also deducts … Multiple Choice Hard
8. Explain the difference between a P10,000 allowable deduction and a P10,000 allowable tax credit. Must each reduce tax p… Essay Medium
9. A taxpayer has P900,000 pertinent gross income and P100,000 authorized deductions. The correctly computed tax on the re… Essay Medium
10. A taxpayer argues that every cash expense is automatically deductible and that every amount called a credit automatical… Essay Medium
11. Under Section40(A), ordinary gain from disposition of property is generally measured by what, apart from special tax re… Multiple Choice Easy
12. What did EOPT Section5 do to the former Section34(K) withholding-based additional deduction requirement? Multiple Choice Easy