Texas Has Operated Under How Many Constitutions

question 37

Multiple Choice

Texas has operated under how many constitutions?

• A) 5
• B) 6
• C) 7
• D) 8

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Definitions:

Subchapter S Election

A tax election made by small businesses to be taxed as a pass-through entity, avoiding double taxation.

Current Year

The present calendar or fiscal year in which business operations, transactions, or tax considerations are being referenced or conducted.

Form 2553

A tax form used by small businesses to elect to be treated as an S corporation for the purposes of federal taxation.

Taxable Income

The portion of income that is subject to taxation after all allowances, deductions, and exemptions are considered.