Provide the definition of each of the following accounting assumptions or principles.
Definitions:
Federal Income Tax
A tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.
Double Taxation
The imposition of two or more taxes on the same income, asset, or financial transaction.
Corporate Form
A legal structure for a business recognized as a separate legal entity from its owners, providing limited liability but facing double taxation.
Treasury Stock
Treasury stock consists of shares that were once part of the outstanding stock of a company but were later purchased back by the company from shareholders. These shares do not confer voting rights and do not pay dividends.
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