A Taxpayer May Not Avoid Responsibility for Payment of Income

question 67

True/False

A taxpayer may not avoid responsibility for payment of income taxes by assigning the income to a third party.

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Definitions:

Economic Strategies

Plans or methods implemented to manage and improve an economy or individual financial standing.

Foreign Currency

The money of other countries, used in international trade and investment, and subject to exchange rate variations.

Nationalized

The process by which a government takes private industry or assets into public ownership.

First Hundred Days

A term often used to measure the early effectiveness and achievements of a U.S. President's administration, originating from Franklin D. Roosevelt's rapid implementation of New Deal policies.