A Business Generally Adopts a Fiscal or Calendar Year by Using

question 119

True/False

A business generally adopts a fiscal or calendar year by using that year-end on the first tax return for the business.

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Definitions:

General Duty

An obligation imposed on individuals or organizations to adhere to a standard of reasonable care while performing any acts that could foreseeably harm others.

Intervening Causes

Events that occur after a defendant's negligent act and contribute to a plaintiff's injury, potentially affecting liability and damages.

Superseding Causes

Events or actions that intervene in a chain of causation and prevent an actor from being liable for harm to another.

Harm

Refers to damage or injury that affects someone or something's well-being or functionality.