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

- upuyor is a seller of services. 25. The fact that any corporation is a mere holding company or investment company shall be prima facie evidence of a purpose to avoid the tax upon its shareholders or members. 26. The fact that the earnings or profits of a corporation are permitted to accumulate beyond the reasonable needs of the business shall be determinative of the purpose to avoid the tax upon its shareholders or members unless the corporation, by the clear preponderance of evidence, shall prove the contrary. 27. Improperly accumulated earnings tax shall not apply to banks and other non-bank financial intermediaries. 28. Immediacy test is a test used in determining the reasonable needs of a business to justify the accumulation of earnings which will exempt! the corporation from paying improperly accumulated earnings tax