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

Chapter Exercises - Corporation are taxable as means created or a foreign country as TRUE OR FALSE: 1. Partnerships, no matter how created or organized, are taxab corporations for income tax purposes. 2. The term "domestic", when applied to a corporation, means cre organized in the Philippines or under the laws of a foreign coun long as it maintains a Philippine branch. 3. A corporation which is not domestic may be a resident (enga business in the Philippines) or nonresident corporation (not engan in business in the Philippines). to engaged 4. Resident foreign corporations are subject to income tax based on nos income from sources within the Philippines