Match Each Term with the Correct Statement Below

question 88

Multiple Choice

Match each term with the correct statement below.
-Fiscal 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:

Social Function

The role or contribution of an activity, behavior, or institution toward the maintenance and stability of a society.

Individual

An individual person separate from a collective, category, or kin.

U.S. Constitution

The supreme law of the United States of America, outlining the national framework of government, its powers, and the rights of its citizens.

John Locke

An English philosopher and physician, often considered one of the most influential of Enlightenment thinkers, known for his contributions to political philosophy and epistemology.