Failure by a Seller to Collect and Remit Sales Taxes

question 86

True/False

Failure by a seller to collect and remit sales taxes often results in a larger tax liability than failure to pay income taxes.

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Definitions:

Right of Survivorship

A legal principle that allows ownership of property to automatically pass to surviving owners upon the death of another owner, without the need for probate.

Articles of Partnership

A document that outlines the terms and conditions under which a partnership operates, including the rights and responsibilities of each partner.

Partnership Property

Assets or property acquired by a partnership, which is owned collectively by the partners according to the terms of their agreement.

Charging Order

A court order directing that the debts owed to a debtor by a third party be redirected to pay a creditor, often used to satisfy a judgment.