Question: TRUE or FALSE: If the statement is FALSE, EXPLAIN why it is so. 9. Minimum corporate income tax is not applicable to special corporations. 10.

TRUE or FALSE: If the statement is FALSE, EXPLAIN why it is so.

9. Minimum corporate income tax is not applicable to special corporations. 10. Temporary labor dispute is a valid ground for the suspension of MCIT. 11. Corporations exempt from income tax are not subject to income tax on incomes received which are incidental or necessarily connected with the purposes for which they were organized and operating. 12. Corporations exempt from income tax are subject to income tax on income of whatever kind and character from any of their properties (real or personal) or from any other activity conducted for profit, regardless of the disposition of such income

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