Which of the Following Statements Is True of the Virginia

question 70

Multiple Choice

Which of the following statements is true of the Virginia Plan?

• A)It sought to reduce the powers of the federal government.
• B)It suggested that the president should be elected by the Congress.
• C)It favored the small states in the Union.
• D)It called for revising the Articles of Confederation.
• E)It was proposed by William Paterson.

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Definitions:

Personal/Rental

Refers to properties or items that are used both for personal purposes and rented out for income, requiring specific tax treatment for the income and expenses.

Rental Activity

Engaging in leasing out property as a business or investment, generating income from tenants paying rent.

Flow-Through Entity

A legal business entity where income flows through to investors or owners; the entity itself is not taxed but the individuals receiving the income are.

C Corporation

A legal structure for a corporation where the owners, or shareholders, are taxed separately from the entity.