2. Which one of the following statements is false? a. Adjusted gross income is a

Question

2. Which one of the following statements is false?

a. Adjusted gross income is a concept that appears only on the individual tax return.

b. Individuals are permitted to take deductions for personal and dependency exemptions, but C corporations cannot do so.

c. Both individuals and C corporations use the same tax rate tables to calculate their tax liabilities.

d. C-corporations may take advantage of the dividends received deduction, but individual taxpayers are not permitted to take this deduction.

e. Both C-corporations and individuals are permitted to deduct charitable contributions, but they are subject to different limitations as to the amount of the deduction

Explanation / Answer

Answer:

Correct answer is option C. Both individuals and C corporations use the same tax rate tables to calculate their tax liabilities; it is a false statement.

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