Practice question
Does the NIRC corporation definition automatically exclude an insurance company merely because it is not called a stock corporation in its business name?
- Yes; insurance companies can never be corporations for income tax.
- No; insurance companies are expressly included in the statutory definition.
- Yes; only the word stock determines every tax classification.
- No; because every policyholder automatically becomes a corporation.
- Yes; a business name overrides the Code.
Legal references
- NIRC, Sections 5-7,22-23 and32, as enacted in RA8424 and subject to the cited later amendments: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA12214, May29,2025, CMEPA, including amended NIRC Sections22,25 and32: https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html
- RA11976, Ease of Paying Taxes Act, Section3 amending NIRC21 taxpayer classifications: https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
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