In a Majority Vote, the Winner Needs to Obtain

question 13

Multiple Choice

In a majority vote, the winner needs to obtain

• A) 50 percent plus one of the votes cast in an election.
• B) more votes than the next closest candidate, plus one.
• C) more votes than any other individual candidate.
• D) two-thirds of the votes cast in an election
• E) 50 percent of the votes cast in an election.

Understand the nature and classification of liabilities.

Identify the types of forms and taxes related to payroll.

Recognize the accounting treatment for payroll taxes and withholdings.

Distinguish between different types of notes payable.

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Definitions:

Partnership Interest

An ownership share in a partnership that represents a partner's stake in the profits, losses, and assets of the partnership.

Like-kind Exchange

A tax deferment strategy allowing for the exchange of similar types of properties without the immediate tax implications of selling the property.

IRC Section 121

A provision in the Internal Revenue Code that allows for the exclusion of up to $250,000 ($500,000 for married couples filing jointly) of capital gains from the sale of a primary residence.

Principal Residence

The primary location that a person inhabits. It often qualifies for specific tax benefits, such as the exclusion of gain from its sale.