9. Which of the following statements is not correct? A. As a rule, co-ownership is not subject to income tax because the activities of the co-owners are limited to the preservation and enjoyment of the property and the collection of the income therefrom. B. All partnerships, no matter how created or organized are considered corporations subject to corporate income tax. C. When the co-owners invest the income of the property co-owned in a business or any income-producing properties or activities constituting themselves into a business partnership, such partnership is consequently subject to tax as a corporation. D. A co-owner is subject to income tax on his share in the net income of the co-ownership actually or constructively received.
19. Which of the following statements is not correct?
A. As a rule, co-ownership is not subject to income tax because the activities of the co-owners are limited to the preservation and enjoyment of the property and the collection of the income therefrom.
B. All partnerships, no matter how created or organized are considered corporations subject to corporate income tax.
C. When the co-owners invest the income of the property co-owned in a business or any income-producing properties or activities constituting themselves into a business
D. A co-owner is subject to income tax on his share in the net income of the co-ownership actually or constructively received.
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