ABC is a retailer of goods and reported the following during the taxable year Gross sales2,600,000 Cost of sales1,100,000 Operating Expenses220,000 Non-operating income100,000 1. If ABC is an individual, and he avails the OSD, his taxable income is? 2. If ABC is an corporation, and he avails the OSD, his taxable income is?

Answer rating: 100% (QA)

To calculate the taxable income for both scenarios we need to consider the different tax treatments ... View the full answer