In Most States, a Taxpayer's Income Is Apportioned on the Basis

question 98

True/False

In most states, a taxpayer's income is apportioned on the basis of a formula measuring the extent of business contact and allocated according to the location of property owned or used.

---

Definitions:

Currency

The system of money in general use in a particular country, vital for financial transactions and economic activities.

M1

A category of the money supply that includes all physical money like coins and currency, as well as demand deposits, checking accounts, and negotiable order of withdrawal (NOW) accounts.

M2

A measure of the money supply that includes cash, checking deposits, and easily convertible near money, such as savings deposits and money market mutual funds.

FDIC

The Federal Deposit Insurance Corporation, a US government agency that insures deposits in banks and thrift institutions.