Provide a summary of how tax levies may be imposed on C or S Corporations. Provide a rationale for your responses.

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A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

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A: An agreement of contract that is prepared to transfer the right to use the resources for a…

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A: T-accounts are a fundamental tool in accounting that represents the financial transactions of a…

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A: A partnership is an agreement between two or more partners where partners agree to work together for…

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.