24)

National Corporation is a large corporation set up to give its shareholders a return on their investments. Any person can buy shares in National. National is which of the following types of corporations?

Multiple Choice

• Publicly held and for profit.

• Publicly held and not for profit.

• Publicly held and professional.

• Privately held and professional.

• For profit and professional.

25)

To comply with the commerce clause, a state tax that is applied to a foreign corporation must do all of the following, except:

Multiple Choice

• be fairly apportioned.

• not discriminate against interstate commerce.

• be fairly related to the services provided by the state.

• treat intrastate transactions more favorably than interstate transactions.

• apply to an activity with substantial connection with the taxing state.