How Often Does Congress Amend the Internal Revenue Code

question 81

Multiple Choice

How often does Congress amend the Internal Revenue Code?

• A) Rarely (the Internal Revenue Code has not been amended since 1986)
• B) Occasionally (perhaps once every decade)
• C) Regularly (at least once every five years)
• D) Constantly (at least once a year)

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Definitions:

Joint Ventures

Business arrangements where two or more parties agree to pool resources for a specific project or business activity.

Foreign Investors

Individuals or entities from one country investing in the assets or businesses of another country.

Mutual Mistake

An error shared by all parties to a contract, possibly making the agreement voidable.

Unilateral Mistake

A situation where only one party to an agreement is mistaken about a basic assumption on which the contract is made.