Test I. Modified true or false-Write T if the statement is true or underline the incorrect word in the statement and write the correct word if the statement is false . (1 pt. each) 1. A domestic corporation is created or organized in the Philippines or under its laws 2. A joint venture is a commercial undertaking by at least three persons involved in the disposition of a single lot of goods or the completion of a single project. 3. Area headquarter is a branch established in the Philippines by multinational companies and which headquarters earn income from the Philippines. 4. A holding company has practically no activities except holding property, and collecting income therefrom or investing therein 5. Income means all wealth which flows into the taxpayer other than mere return of capital and includes gains derived from the sale or other disposition of capital assets. 6. Multinational company is a foreign firm or entity engaged in international trade with affiliates, subsidiaries or branch offices in the Asia-Pacific Region and other foreign markets. 7. A senior citizen shall refer to any resident Filipino citizen aged 65 years old and above. 8. A nuclear family is composed of father, mother, and married children living together as one household 9. Trust is a right of property, real or personal, held by one person for the benefit of another. 10. A general professional partnership is formed by persons for the sole purpose of exercising their common profession, no part of the income of which is derived from engaging in any Act Go trade or business