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:

Class Interval

A range of values in a dataset that is grouped together for the purpose of constructing a frequency distribution or histogram.

Frequency Distribution

A summary of data showing the number (frequency) of observations in each of several non-overlapping categories or bins.

Cumulative Frequency

A count of the number of occurrences that fall within certain class intervals or categories, accumulated from the beginning of a set of data up to each point.

Ogive

A visual representation of a cumulative frequency distribution.