regular income tax. *
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
St. Therese is a private educational institution. STATEMENT 1: The income of the school from tuition and miscellaneous fees collected from students is tax-exempt. STATEMENT 2: The income of the school from rentals of its facilities to non-students is subject to regular income tax. *
True, True
False, False
True, False
False, True
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