Practice question
A person operates two related businesses subject to the same rate under Section 143. Under Section 146(b), how is the base handled?
- Each business automatically becomes tax-exempt
- Only the smaller business is reported
- Only the larger business is reported
- The tax is computed on their combined total gross sales or receipts
- The taxpayer chooses any convenient total
Legal references
- RA7160, Sections132,143,146 and150: https://lawphil.net/statutes/repacts/ra1991/ra_7160_1991.html
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