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Flashcards — Multiple Choice

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Question Type

Essay Multiple Choice

Question Source

All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

An eligible corporation validly elects maximum OSD. Its stipulated Section 32 gross income isP 3,000,000 and gross sales areP 5,000,000. What is its OSD?

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P 1,200,000 based on gross income P 800,000 based on the difference between sales and income P 3,000,000 because gross income is entirely deductible P 2,000,000 because sales always govern P 0 because corporations cannot elect OSD

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