If individual taxpayers are the shareholders of PST Corporation and PST corporation is a shareholder of MNO Corporation, how many levels of tax is MNO's pre-tax income potentially exposed to:

Triple taxation

Explanation:

Triple taxation is a possibility when one corporation (the "Parent") owns stock in a second corporation (the "Subsidiary"). In such circumstances, income of the Subsidiary is potentially taxed a total of three times. ... But, a system aimed at achieving double taxation need not impose triple taxation.

triple taxation

Explanation:

MNO's pretax income can be taxed up to three times:

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answer; post closing trial balance;