Section 121, NIRC. Which statement is correct? A bar review center owned and operated by lawyers is: (2012 Bar Question)

The question

Section 121, NIRC. Which statement is correct? A bar review center owned and operated by lawyers is: (2012 Bar Question)

1. A.Exempt from VAT, regardless of its gross receipts during the year because it is an educational center;
2. B.Exempt from VAT, provided that its annual gross receipts do not exceed P1.5 Million in 2011;
3. C.Subject to VAT, regardless of its gross receipts during the year;
4. D.Subject to VAT, if it is duly accredited by TESDA.

This question has not been answered yet.