Which of the Following Statements Is Incorrect

question 77

Multiple Choice

Which of the following statements is incorrect?

• A)A domestic subsidiary's earnings are taxed in the year earned.
• B)A foreign corporation's (less than 50% ownership)are not taxed until repatriated.
• C)All of a controlled foreign corporation's earnings are taxed as earned.
• D)U)S. taxpayers with a foreign branch can reduce part or all of their U.S. taxes by the foreign tax credit.

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Definitions:

Open Primary

A primary election where voters are not required to declare party membership to vote for their preferred candidate for a public office.

Majority System

A voting system in which a candidate or proposition must receive more than half of the votes to win.

Electoral College Vote

A process used in the United States to elect the president and vice-president, where electors from each state vote based on the popular vote within their state.

Popular Vote

The total number of votes cast by citizens in an election, as opposed to electoral college votes or legislative votes.