Once a USCorporation Chooses a Method to Allocate Interest Expense,either Fair Market

question 51

True/False

Once a U.S.corporation chooses a method to allocate interest expense,either fair market value or tax book value,that election cannot be changed without the permission of the commissioner of the Internal Revenue Service.

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Definitions:

Psychological Traits

Refer to enduring patterns of thought, feeling, and behavior that are characteristic of an individual.

Origins

The point or place where something begins, arises, or is derived.

Nature

The inherent characteristics and genetic makeup of an organism, often contrasted with nurture, which involves environmental factors.

Nurture

The influence of external factors like environment, upbringing, and education on an individual's development.