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Which of the following statements about the Whiskey Rebellion is FALSE?
Subchapter S
A section of the Internal Revenue Code that provides for a special tax status for qualifying small businesses, allowing income to be taxed at the shareholder level and not at the corporate level.
Net Capital Loss
This occurs when the total capital losses from investments exceed the total capital gains, which can sometimes be used to offset other types of income for tax purposes.
Ordinary Income
This refers to any income earned through work, interest, dividends, or rental income, subject to standard tax rates.
Dividend Income
Income received from owning shares in a company, paid out from the company's profits.
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