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3. Taxable and Non-Taxable Income

a. Taxable Income

The corporation tax is assessed on the following income:

(1) income during each business year,

(2) liquidation income (non-profit domestic and foreign corporations are exempted)

b. Non-taxable Income

Corporation tax is not levied on income derived from property of public welfare trusts;

it does not matter whether the application for non-taxation is submitted or not.