At the End of 2013, There Were Approximately ______ Independent

question 5

Multiple Choice

At the end of 2013, there were approximately ______ independent banks and thrifts in operation in the United States.

• A) 300
• B) 1,800
• C) 4,200
• D) 4,500
• E) 6,300

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Definitions:

Taxable Income

The portion of income that is subject to income tax after deductions and exemptions.

AMT Exemption

An amount exempt from the Alternative Minimum Tax, designed to ensure that taxpayers with higher income pay a minimum amount of tax.

Corporation

A legal entity owned by shareholders, with rights and liabilities distinct from those of its owners, and subject to corporate income tax.

AMT Income

Alternative Minimum Tax income calculates income with different rules than regular taxes, aiming to ensure taxpayers with high income pay a fair share of taxes.