Which of the following statements is true regarding minimum corporate income tax? Minimum corporate income tax may be imposed on a proprietary educational institution but not on non-stock non-profit educational institution. The excess of minimum corporate income tax over the regular corporate income tax may be carried over for a period of three years. O Upon determination of force majeure or prolonged labor dispute, the Commissioner of Internal Revenue may suspend the imposition of the minimum corporate income tax. One person corporations are exempt from the imposition of the minimum corporate income tax.

Which of the following statements is true regarding minimum corporate income tax? Minimum corporate income tax may be imposed on a proprietary educational institution but not on non-stock non-profit educational institution. The excess of minimum corporate income tax over the regular corporate income tax may be carried over for a period of three years. O Upon determination of force majeure or prolonged labor dispute, the Commissioner of Internal Revenue may suspend the imposition of the minimum corporate income tax. One person corporations are exempt from the imposition of the minimum corporate income tax.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 10MCQ

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