For Tax Purposes, Only Unincorporated Entities Can Be Considered to Be

question 41

True/False

For tax purposes, only unincorporated entities can be considered to be disregarded entities.

Distinguish between criminal and civil law.

Recognize the difference between equitable remedies and remedies at law.

Understand the role and authority of administrative agencies.

Comprehend the hierarchy of laws in the United States and the supremacy of the U.S. Constitution.

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Definitions:

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is unattainable.

Federal Trade Commission

A US government agency whose primary purpose is to enforce civil antitrust law and promote consumer protection.

Interstate Commerce

The trade, traffic, or transportation of goods, services, or money across state boundaries within the United States, regulated by federal government.

Price Discrimination

A pricing strategy where identical or very similar goods or services are sold at different prices by the same provider in different markets or to different buyers.