Question

The income and expenses of a corporation for federal income tax purposes are referred to as what type of income?a. nontaxableb. accountingc. tax

Answer 1

Answer:

The correct answer is letter "C": tax.

Explanation:

The Federal Income Tax is collected by the U.S. Internal Revenue Service (IRS) based on the annual earnings of individuals, corporations and all legal entities. It is considered to be the largest source of revenue for the government. In general, they are called taxes.