In 2010,T Corporation Changed Its Tax Year from Ending Each

question 16

True/False

In 2010,T Corporation changed its tax year from ending each September 30th to ending each December 31st.The corporation earned $25,000 during the period October 1,2010 through December 31,2010.The tax on the annualized income for the short period will be greater than the tax on $25,000 when the tax rates are progressive.

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Definitions:

Injustice

A situation or action that is perceived as unfair, unequal, or undeserving.

Preexisting Duty Rule

In contract law, a principle that states if someone is already legally required to perform a certain duty, promising to perform that duty is not sufficient consideration for a new contract.

Consideration

The value (such as money, services, or goods) promised in a contract that motivates parties to enter into the agreement.

Ethical

Related to moral principles or the branch of knowledge dealing with these.