A Domestic Corporation Is One Whose Assets Are Primarily Located

question 76

True/False

A domestic corporation is one whose assets are primarily located in the U.S.For this purpose,the primarily located test (>50%) applies.

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Definitions:

Progressive

A tax system in which the tax rate increases as the taxable amount increases, placing a larger burden on those who have higher incomes.

Proportional

A tax system where the tax rate remains constant as the taxable amount increases.

Regressive

A tax system where the tax rate decreases as the taxable amount increases, leading to lower-income individuals bearing a proportionally higher tax burden.

Internal Revenue Code

The comprehensive set of tax laws in the United States, enforced by the Internal Revenue Service (IRS).