True/False 1. Exclusions are the amounts, which the law allows to be deducted from gross income in order to arrive at net income.
True/False 1. Exclusions are the amounts, which the law allows to be deducted from gross income in order to arrive at net income.
Chapter6: Business Expenses
Section: Chapter Questions
Problem 51P
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True/False
1. Exclusions are the amounts, which the law allows to be deducted from gross income in order to arrive at net income.
2. The deductible taxes are limited only to national taxes.
3. Domestic and resident foreign corporation taxed during the taxable year with MCIT cannot claim NOLCO.
4. Deductions from gross income refer to the flow of wealth to the taxpayers that are not treated as part of gross income.
5. All fringe benefit which are not subject to the fringe benefits tax is taxable in income of the employee.
6. Fringe benefits tax is a deductible expense of the employer.
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