In a Sole Proprietorship,the Profits Earned by the Business Are

question 74

Multiple Choice

In a sole proprietorship,the profits earned by the business are:

• A)taxed as income for the business,but are exempt from the personal income tax paid by the owner.
• B)taxed at the lowest corporate rate.
• C)the property of the owner,except for taxes owed to the government.
• D)tax-free if the appropriate exemption is filed with the local government.

---

Definitions:

Sectional Divisions

Regional disagreements and conflicts within a country, often based on economic, social, or political differences.

Munn v. Illinois

An 1877 U.S. Supreme Court case that upheld the power of state governments to regulate private industries in the public interest.

Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.