When Each Firm Is Liable for Tax on the Basis

question 5

Multiple Choice

When each firm is liable for tax on the basis of its total sales, but can claim the taxes already paid by its suppliers as a credit against liability we are using the

• A)VAT method.
• B)invoice method.
• C)reserve method.
• D)chain method.

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Definitions:

South's Farmers

Refers to agricultural laborers and farm owners in the southern United States, historically known for crops like cotton and tobacco.

Reconstruction

The era following the American Civil War (1865-1877) focusing on rebuilding the Southern states and integrating freed slaves into society.

Redeemers

A political coalition in the Southern United States during the Reconstruction era, aimed at reestablishing a conservative order, including the suppression of African Americans' rights.

Radical Reconstruction

The phase (1867-1877) following the American Civil War, characterized by severe measures to reintegrate the Southern states and ensure civil rights for freed slaves.