27. The tax structure, at any point in time, reflected economic compromises achieved through the political process. True/False.

28. Final tax legislation involves compromising divergent points of views and, therefore, it is easy searching for a consistent economic rationale within prevailing tax codes. True/False.

29. A financial manager must consider taxes in the decision process to avoid overstating anticipated income. True/False.

30. Taxes can only be levied by the Federal government. True/False.

31. Corporate taxes are generally the most pervasive and largest that a business entity pays. True/False.

32. Taxes levied on corporations are generally passed on through higher costs to customers and through lower dividends to investors. True/False.