A Corporation Is an Entity Separate and Distinct from Its

question 62

True/False

A corporation is an entity separate and distinct from its owners.

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Definitions:

Net Income

The total earnings of a company after subtracting all expenses from revenues, indicating the actual profitability of the company.

Tax Law

The body of laws and regulations governing the administration of taxes, including levies on income, property, transactions, and estates.

Fiscal Year-End

Fiscal Year-End is the conclusion of a 12-month accounting period for a business or organization, used for financial reporting and tax purposes.

Automatic Extension

A granted period beyond the original due date for filing tax returns without needing to explain the reason for the delay.