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Question 1 5 Which one of the following statements concerning corporate income taxes is correct? U . S . corporations are exempt from federal taxation.
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Which one of the following statements concerning corporate income taxes is correct?
US corporations are exempt from federal taxation.
Corporations pay no tax on their first $ of income.
The federal income tax is applied at a flat rate across all letels of taxable income.
The marginal tax rate will always be lower than the average tax rate.
The first percent of corporate income is exempt from taxation.
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