F/T Tax.

Question 1

n general, net income from all sources of domestic
corporations is taxable at 30%

Answer 1

F

Question 2

Gross Philippine Billing of International Air Carrier means
gross revenue whether for passenger, cargo or mail originating
from the Philippines up to final destination, regardless of the
place of sale or payments of the passage or freight documents.

Answer 2

F

Question 3

• Co-owners appoint an administrator who manages the affairs
  of the co-ownership by making investments therein from which
  profits are realized. This applies even if there is already a
  partition ordered by the court should the joint management be
  given to two of the co-owners.

Answer 3

F

Question 4

• Co-ownership may become an unregistered general copartnership and therefore become taxable when the property
  remained undivided for more than five (5) years and no attempt
  was ever made to divide the same among the coheirs, nor was
  the property under administration proceedings nor held in trust.

Answer 4

F