The Term Delegation Refers to the Transfer Of

question 46

Multiple Choice

The term delegation refers to the transfer of:

• A)rights.
• B)duties.
• C)duties that a promisor did not want to perform.
• D)duties involving the promisor's personal skills.

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Definitions:

Taxable Income

The portion of an individual's or corporation's income used as the basis for calculating tax owed to the government, after all allowable deductions or exemptions.

Preferred Stock

Preferred stock is a class of shares that typically provides a fixed dividend and has priority over common stock in the event of a liquidation, but generally does not carry voting rights.

Deductible

An amount that can be subtracted from an individual's or organization's taxable income, thereby reducing the amount of tax owed.

Tax Deductible

Refers to a qualifying expense that can reduce an entity's taxable income, and thereby reduce its tax liability.