Taxation, 2015 Bar — Question XIV

QUESTION

KKK Corp. secured its Certificate of Incorporation from the Securities and Exchange Commission on June 3, 2013. It commenced business operations on August 12, 2013. In April 2014, Ms. J, an employee of KKK Corp. in charge of preparing the annual income tax return of the corporation for 2013, got confused on whether she should prepare payment for the regular corporate income tax or the minimum corporate income tax. (A) As Ms. J's supervisor, what will be your advice? (2%) (B) What are the distinctions between regular corporate income tax and minimum corporate income tax? (3%)

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