In Its First Year of Operations (2008),Auburn,Inc

question 43

True/False

In its first year of operations (2008),Auburn,Inc.(a C corporation)has gross receipts of $22 million and net income of $6 million.Auburn is not subject to the AMT for 2008.

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Definitions:

Nervous System

In most invertebrates, consists of ganglia, sensory cells or sense organs, and networks of neurons. In vertebrates, consists of the brain, spinal cord, sense organs, and nerves; the body’s main regulatory system.

Endoderm

The innermost layer of cells or tissue of an embryo in early development, which gives rise to the lining of the digestive and respiratory systems.

Radial Symmetry

A body plan in which any section through the mouth and down the length of the body divides the body into similar halves. Jellyfish and other cnidarians have radial symmetry. Compare with bilateral symmetry.

Protostomes

A group within the animal kingdom that includes organisms in which the mouth develops from the primary embryonic opening.