Quasi Contracts Are Fictional Contracts

question 51

True/False

Quasi contracts are fictional contracts.

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Definitions:

Taxable Income

The amount of an individual's or corporation's income used to determine how much tax is owed to the government in a given tax year.

Schedule L

Schedule L is a tax form used by certain businesses to report their balance sheet details to the IRS, including assets, liabilities, and equity.

Schedule M-1

A form used by corporations filing U.S. federal corporate income taxes to reconcile financial statement income with tax return income.

Total Receipts

The total amount of money received by a business during a specific period, including sales, income, donations, and other forms of revenue.