If an automobile is purchased for 100 percent use in the taxpayer's business, the annual automobile depreciation limitations do not apply

Which of the following is most likely to be true of a branch office in the United States?

A. It is liable for the debts of the parent company. B. It is considered a separate legal entity of the parent company. C. It does not have to be registered with any state agency. D. It is not liable for its own debts.

Municipal bond mutual funds are primarily for investors seeking

A) ongoing interest income cash flow. B) income free of federal taxes. C) income free of state taxes. D) Both A and B are correct.