Thrush Corporation Files Form 1120, Which Reports Taxable Income of $200,000.The

question 11

True/False

Thrush Corporation files Form 1120, which reports taxable income of $200,000.The corporation's tax is $56,250.

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Definitions:

Implied Authority

Authority not expressly granted but assumed to be given due to the nature of a job or position.

Apparent Authority

A form of authority that an agent seems to have because of actions or representations made by the principal, leading third parties to reasonably believe the agent is authorized.

Contract

A legally binding agreement between two or more parties that creates mutual obligations enforceable by law.

Implied Authority

The power of an agent to act on behalf of a principal, derived from the actions, words, or conduct of the principal rather than from an explicit written or spoken agreement.