Examlex
What is agency? Give an example of a principal-agent relationship.
Taxable Income
The amount of income used to determine how much tax an individual or a corporation owes to the government, after all deductions and exemptions have been accounted for.
Tax-Exempt
A status that exempts individuals or organizations from having to pay certain taxes.
Tax Liability
The total amount of tax owed to the government by an individual, corporation, or other entity within a given tax period.
Corporation
A legal entity that is separate and distinct from its owners, who are shareholders; it has rights, privileges, and liabilities independent of them.
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