HHF Corporation Received Permission from the IRS to Change Its

question 51

Multiple Choice

HHF Corporation received permission from the IRS to change its taxable year from a fiscal year ending August 31 to a calendar year.Consequently,HHF filed a short-period return for the four-month period from September 1 through December 31.The taxable income reported on the return was $56,000.Use the corporate tax rates in Appendix C of the text to compute HHF's tax on this income (to the nearest dollar) .

• A)$9,000
• B)$14,000
• C)$16,257
• D)$48,770

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Definitions:

Exports

The selling of goods and services produced in one country to another country.

Bretton Woods System

A monetary management system that established the rules for commercial and financial relations among major industrial states after World War II, introducing fixed exchange rates and laying the foundation for modern international monetary systems.

Trade Surplus

Occurs when the value of a country's exports exceeds the value of its imports.

U.S. Dollar

The official money of the United States, commonly utilized as a standard and reserve financial instrument globally.