Statement 1: Government owned and controlled corporations are taxable on their income as such. Statement 2: Social Security System (SSS), a GOCC, is tax-exempt on its income as such. a. Both...

Statement 1: Government owned and controlled corporations are taxable on their income as such. Statement 2: Social Security System (SSS), a GOCC, is tax-exempt on its income as such.

a. Both statements are true

b. Both statements are false