Match Each Term with the Correct Statement Below

question 44

Multiple Choice

Match each term with the correct statement below.
-Calendar year

• A)Allocates income, losses, and deductions to its owners for inclusion in their personal returns.
• B)Each tax unit must keep separate records and report the results of its operations separate and apart from other tax units.
• C)Income from services must be taxed to the taxpayer rendering the service and income from property must be taxed to the owner of the property.
• D)Any tax year that ends on the last day of a month other than December.
• E)All taxpayers must report the results of their operations on an annual basis.
• F)A tax year that ends on December 31.
• G)A tax entity that is liable for the payment of tax.

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Definitions:

Market-Oriented Economy

A market-oriented economy is one where economic decisions and the pricing of goods and services are guided by the interactions of individuals and businesses in the marketplace.

Enforce Contracts

The legal process of ensuring that the terms of a contract are upheld by the parties involved.

Private Property

A legal designation for the ownership of property by non-governmental legal entities, giving the owner exclusive rights over the use, disposal, and benefits of the property.

Federal Government

The federal government is the national government of a federated state, which holds the authority to govern the entire country and is responsible for areas such as defense, foreign policy, and interstate commerce.