Items or amounts which the law allows to be deducted from gross income in order to arrive at the taxable income. Gross receipts false Allowable deductions true cost of goods sold false None of the above false Single Includes the purchase price or cost to produce the merchandise and all expenses directly incurred to bring them to their present location and use. cost of goods sold true Gross receipts false Allowable deductions false None of the above false Single Amounts actually or constructively received during the taxable year. Allowable deductions false Gross receipts true cost of goods sold false None of the above false Single MCIT stands for ___________________________. Minimum Corporate Income Tax true Minimum Collateral Income Tax false Maximum Corporate Income Tax false None of the above false Single The amount or tax base upon which tax rate is applied to arrive at the tax due. Gross Income false Net Income false Taxable income true None of the above false Single The entire or gross income from business without any deductions for either optional standard deduction or itemized deduction. Gross Income true Taxable income false Net Income false None of the above false Single The income arrived at after subtracting from the gross income the deductions of the taxpayer. Net Income true Gross Income false Taxable income false None of the above false Single There are _______ classifications of non-individual income taxpayers. two false four false three true None of the above false Single An alternative method of claiming deduction instead of an itemized deduction. It is a standard amount that can be deducted without the need to show proof. Optional Standard Deduction (OSD) true Tax rate false Tax Due false None of the above false Single BOI stands for ____________________. Board of Investors false Board of Income false Board of Investments true None of the above false Single