While Preparing His Tax Returns for 2010 Year,Harry Discovers That

question 68

Multiple Choice

While preparing his tax returns for 2010 year,Harry discovers that his 2008 tax returns has errors.Those errors led him to pay more income tax that year than he would have otherwise paid.Harry wants to inspect his 2008 tax files that IRS has and request them to be corrected.Under which Act can he place this request?

• A)The Freedom of Information Act
• B)The Disclosure act
• C)The Government in the Sunshine Act of 1976
• D)The Privacy Act of 1974

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Definitions:

Capital Structure

The combination of long-term liabilities, targeted short-term borrowings, ordinary shares, and preferred shares that finance a corporation's daily functions and expansion.

Capital Structure

This term describes the mix of debt and equity that a company uses to finance its operations and growth.

Debt

An amount of money borrowed by one party from another, under the condition it will be paid back with interest, often used for investments, operations, or purchases.

Equity

The value of an ownership interest in a company, representing shareholders' stake after debts and liabilities have been settled.