Practice question
A partnership solely practicing its members' common profession is told that it must fall within the Code's corporate definition because Section 22(B) includes partnerships. Explain the qualification and why it does not establish that every receipt is tax-free.
Legal references
- NIRC Sections 4,22,23 and244: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/3896
- RA11976, Ease of Paying Taxes Act: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/96948
- RA12066, CREATE MORE Act: https://lawphil.net/statutes/repacts/ra2024/ra_12066_2024.html
- RA12214, Capital Markets Efficiency Promotion Act: https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html
Answer this question in flashcards to review your response and continue practicing.