Which of the following is not a taxable corporation?
Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation
Section: Chapter Questions
Problem 55P
Related questions
Question
![Which of the following is not a taxable corporation?
A. Ryzelle, Ihanelle and Kiana agreed to contribute money into a common fund to engage
in the business of buying and selling consumer goods. Their total investment amounts
to P 300,000 and they did not bother to register their business with the DTI and the SEC.
B. William, Robert and Roel, all certified public accountants, agreed to contribute their
money, property and industry to a common fund with the sole intention of exercising
their common profession. They have registered with the SEC.
C. Hogwarts Bus Company and Angry Bird Bus Company owns separate franchises to
operate a public utility covering the area of Northern Luzon. To achieve maximum
efficiency in utilizing their assets and to avoid negative effects of competition, the two
companies agreed to pool their resources together and operate as a single company.
D. Ester and Rodrigo, lawyers and certified public accountant, respectively, agreed to
contribute their money, property and industry to a common fund to render service of
business process outsourcing.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F381501b9-aace-42f2-b885-2084e198afcc%2Fe140a25a-24b2-4fd9-973c-45fdc6ab8c37%2F2ynoyek_processed.png&w=3840&q=75)
Transcribed Image Text:Which of the following is not a taxable corporation?
A. Ryzelle, Ihanelle and Kiana agreed to contribute money into a common fund to engage
in the business of buying and selling consumer goods. Their total investment amounts
to P 300,000 and they did not bother to register their business with the DTI and the SEC.
B. William, Robert and Roel, all certified public accountants, agreed to contribute their
money, property and industry to a common fund with the sole intention of exercising
their common profession. They have registered with the SEC.
C. Hogwarts Bus Company and Angry Bird Bus Company owns separate franchises to
operate a public utility covering the area of Northern Luzon. To achieve maximum
efficiency in utilizing their assets and to avoid negative effects of competition, the two
companies agreed to pool their resources together and operate as a single company.
D. Ester and Rodrigo, lawyers and certified public accountant, respectively, agreed to
contribute their money, property and industry to a common fund to render service of
business process outsourcing.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 6 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT