Examlex
Which statement is TRUE about markets?
Carryback
Carryback involves applying tax deductions or credits to a prior tax year, resulting in a tax refund or reduced tax liability.
Carry Forward
A provision that allows individuals or businesses to apply current year losses, credits, or deductions to future tax years, to reduce taxable income.
Corporation
A legal entity that is separate and distinct from its owners, capable of owning property, entering contracts, and being sued.
Income Tax Payable
The amount of income tax a company owes to the government but has not paid by the end of the period.
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