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

13. Joint ventures, regardless of the purpose by which they were created, are generally exempt from corporate income tax, 14. The share of a co-venturer corporation in the net income of tax- exempt joint venture or consortium is subject to corporate income tax. 15. The share of a co-venturer corporation in the net income of a taxable joint venture or consortium is subject to corporate income tax. 16. "Nonresident owners of vessels are treated as special corporations only from charters or leases of the vessels to Filipino citizens or corporations approved by the Maritime Industry Authority. 258