Study guide.

1. Explain: progressive tax system. (p. 37)

2. Enumerate: individual taxpayers. (p. 39)

3. Who are non-resident citizens? (p. 40)

4. What is a corporation? (p. 41)

5. What are the special kinds of domestic corporations? (p. 41)

6. What is the taxability of GPP? (p. 43)

7. What are the special kinds of NRFC? (p. 43)

8. Distinguish income from capital? (p. 46)

9. What is the severance theory? (p. 47)

10. Requisites: taxability of income. (p. 47)

11. Distinguish gross income taxation from net income taxation. (p. 50)

12. Fringe benefits. (p. 52, 102)