Is a partnership created by cherry and gil

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When their parents died, Cherry and Gil inherited five (5) hectares of land in Antipolo City. They decided to invest capital and developed the land into a subdivision which they named as Cherry-Gil Subdivision, with small lots being sold either on installment or in cash basis.

Problem 1: Is a partnership created by Cherry and Gil?

Problem 2: Are they subject to final tax on their respective share in the income?

A. Q1: YES, Q2: NO
B. Q1: NO, Q2: YES
C. Q1: YES, Q2: YES
D. Q1: NO, Q2: NO

Reference no: EM132766923

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