When a Change in the Tax Law Is Deemed Necessary

question 62

True/False

When a change in the tax law is deemed necessary by Congress,the entire Internal Revenue Code must be revised.

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Definitions:

Partnership Account

A financial account held in the name of a partnership for the purpose of managing the partnership's funds.

Partnership

A business entity created when two or more persons collaborate to operate a business and share its profits, losses, and responsibilities.

Transferable Interest

An ownership interest in an entity that can be transferred or sold to another party, subject to any restrictions in the entity's governing documents.

Distributions

Payments made by a business to its stakeholders from its profit or assets.