Explanation:

- Q: Mutual Funds are not taxed

- This part begins the sentence by introducing the subject matter: mutual funds and their taxation scenario.

- P: on their income as long as

- This follows logically, continuing the thought about mutual funds not being taxed.

- S: they comply with requirements established

- This explains the condition for the mutual funds’ tax exemption.

- R: in the Internal Revenue Code

- This concludes the sentence by specifying where these requirements are established and comply with.

- Correct sequence: QPSR

- This forms a complete and coherent sentence: "Mutual Funds are not taxed on their income as long as they comply with requirements established in the Internal Revenue Code."