A Business Generally Adopts a Fiscal or Calendar Year by Using

question 119

True/False

A business generally adopts a fiscal or calendar year by using that year-end on the first tax return for the business.

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Definitions:

Majority Vote

A decision-making process that is reached when more than half of the members in a voting body vote in favor of a proposal.

Congress

The legislative branch of the United States federal government, composed of the House of Representatives and the Senate, responsible for making national laws.

Supremacy Clause

Article VI, Paragraph 2, of the U.S. Constitution, which states that the Constitution and all laws and treaties of the United States constitute the supreme law of the land. Thus, any state or local law that directly conflicts with the U.S. Constitution or federal laws or treaties is void.

Article VI

Refers to the Supremacy Clause within the United States Constitution, which establishes that the Constitution and federal laws are the supreme law of the land.