Multiple Choice : 1. Which of the following may not be deducted from gross receipts to arrive at gross income for purposes of computing the MCIT of a taxpayer engaged in the sale of services under the cash basis? a. Sales discounts b. Cost of services C. Sales returns and allowances d. None of the above 2.The minimum corporate income tax of a domestic or resident trading manufacturing corporation is a. 1% of gross income (July 1, 2020 to June 30, 2023). b.2% of gross sales (July 1, 2023). c.15% of gross income. d. 15% of gross sales. 3. Which of the following is not true? a. Firms which were registered with BIR in 1994 and earlier years shal by the MCIT beginning Jan. 1, 1998. b. Firms which were registered with BIR in any month in 1998 shall the MCIT in 2002 after the lapse of three calendar years from 1998. c.A firm which registered with the BIR on May 13, 1998 shall be MCIT on his gross income earned for the entire fiscal year end 2002. d. For purposes of the MCIT, the taxable year in which bu commenced shall be the year in which the domestic corporate the BIR. e. None of the above 4. The term "normal income tax" shall mean the income tax rates a. under Section 27(A) of the Code. b. under Section 28(A)(1) of the Code. c. at 25% effective July 1, 2020. d. all of the above​