Do proprietary educational institutions enjoy the same tax exemption privilege. as non-stock, non-profit educational institutions?
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- Which of the following is tax exempt on its income earned as such? Religious corporation organized as non-stock Non-stock, non-profit educational institution Government educational institution Government owned and controlled corporation. If USAP is a non-stock non-profit educational institution, how much is income tax due?Which of the following taxable entities is subject to preferential tax rate/s? * Non-stock, non-profit educational institution Government educational institution Private educational institution Government hospital All of them
- A.What is the income tax due if X corporation is a regular domestic corporation? B.With the same data given above, what is the income tax due if X corporation is a proprietary educational institution? C.With the same data given above, what is the income tax due if X corporation is an exempt non-profit corporation?ZZZ is a non-stock and non-profit educational institution. Which of the following is TRUE? * Its income from related activities is exempt from income tax. Its income from unrelated activities is exempt from income tax. Both income from related and unrelated activities are subject to income tax. None of the aboveSpecial domestic companies, such as proprietary educational institutions, are exempt from MCIT if they are taxed at a 10% preferred level. Is it true or false?
- What are the tax-exempt corporations? Thank you!The income from operations of the following corporations are not subject to the regular corporate tax rate because they are subject to special or preferential income tax rate/s, except: PEZA registered enterprises Proprietary educational institutions Government educational institutions Non-profit hospitalsWhat is the best definition of an S Corporation? A. Type of nonprofit that is not required to pay certain types of taxes B. Private-public corporation that meets certain requirements for tax exemption C. Type of for-profit business that also has a social mission D. Type of corporation with pass-through taxation on income
- Saint Bernard University is registered with SEC as a non-stock and non-profit educational institution. STATEMENT 1: Accordingly, it is granted with automatic tax exemption by the law on its income earned as such institution. STATEMENT 2: The nature of activities of the university determines whether its income is tax exempt or not. True, True False, False True, False False, TrueWhich statement is incorrect? a. S corporations are treated as corporations under state law. b. S corporations are treated as partnerships for Federal income tax purposes. c. Distributions of appreciated property are taxable to the S corporation. d. All of these choices are correct.17. What is the rule on the taxability of income that a government educational institution derives from its school operations? Such income is a. exempt from income taxation in the same manner as government-owned and controlled operations b. exempt from income taxation if it is actually, directly and exclusively used for educational purposes. c. subject to the ordinary income tax rates with respect to incomes derived from educational activities d. subject to 1% tax on its net taxable income as if it is a proprietary educational institution