Since 1991, the Internal Revenue Service Has Been Signing Agreements

question 10

Multiple Choice

Since 1991, the Internal Revenue Service has been signing agreements with multinational corporations to stem the tide of unpaid U.S. income taxes. What are these advance pricing agreements called?

• A) Advance Pricing Agreements
• B) IRS prestart agreements
• C) Taxation in the first degree
• D) Section orientation

Recognize the duties and responsibilities of corporate directors and officers.

Understand the mechanisms through which corporations distribute income to shareholders.

Differentiate between types of corporations based on structure, purpose, and ownership.

Learn about the legal consequences of corporate actions that exceed their stated powers (ultra vires acts).

---

Definitions:

American Savings Rate

The percentage of disposable income that households in the United States save rather than spend on consumption.

Manhattan Project

A secret U.S. project during World War II to develop the atomic bomb.

B-24 Medium Bombers

The B-24 Liberator, an American heavy bomber aircraft used extensively during World War II, noted for its long-range bombing capabilities and high payload.

Ford

An American multinational automaker founded by Henry Ford, known for revolutionizing the automobile industry with assembly line production methods.