Tax 1 true or false

1. The term 'corporation' shall include partnerships, no matter how created or

organized, joint-stock companies, joint accounts, association, or insurance
companies, and general professional partnerships.
2. The term 'domestic', when applied to a corporation, means operating in the
Philippines.
3. The term 'nonresident citizen' means a citizen of the Philippines who
establishes his physical presence abroad with a definite intention to reside
therein.
4. The term 'nonresident citizen' means citizen of the Philippines who works and
derives income from abroad and whose employment thereat requires him to
be physically present abroad most of the time during the taxable year.
5. A regional or area headquarters is a corporation established in the
Philippines which office do not earn or derive income from the Philippines.
6. The term 'long-term deposit or investment certificate' shall refer to certificate
of time deposit or investment with a maturity period of not less than five (5)
years.
7. A resident citizen is taxable on all income derived from sources within and
without the Philippines.
8. An individual citizen of the Philippines who is working and deriving income
from abroad as an overseas contract worker is taxable on all income derived
from sources within and without the Philippines.
9. A Filipino seaman who receives compensation for services rendered as a
member of the complement of a vessel engaged exclusively in international
trade shall be taxable on all income derived from sources within the
Philippines.
10. ALL alien individuals are taxable only on income derived from sources
within the Philippines.
11. If any income cannot be definitely attributed to or identified as income
exclusively earned or realized by either of the spouses, the same shall be
deemed to be earned by the husband.
12. Interest earned by MJB Lending is subject to 20% final tax.
13. Prizes amounting to 5,000 pesos shall be subject to tax under
Subsection (A) of Section 24 (5%-32%).
14. Segurista invested 1Million for 7 years. Segurista pre-terminated her
investment after 40 months. The investment will earn 5% interest.
15. A final tax of 20% shall be imposed upon the cash or property
dividends actually or constructively received by an individual from a domestic
corporation.
16. Capital Gains Tax of 6% shall be prescribed from Sale of Shares of
Stock not Traded in the Stock Exchange.
17. A final tax of six percent (6%) based on the gross selling price or
current fair market value as determined in accordance with Section 6(E) of
this Code, whichever is higher, is hereby imposed upon capital gains
presumed to have been realized from the sale, exchange, or other disposition
of real property classified as ordinary asset.
18. A Filipino employed by Regional or Area Headquarters and Regional
Operating Headquarters of Multinational Companies shall be subject to tax
under Subsection (A) of Section 24 (5%-32%).
19. For purposes of computing the distributive share of the partners, the
net income of the partnership shall be computed in the same manner as a
corporation.
20. Persons engaging in business as partners in a general professional
partnership shall be liable for income tax only in their separate and individual
capacities.