TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) Organizing a corporation as an S Corporation results in a single level of taxation. 1) 2) Generally, tax legislation is introduced first in the Senate and referred to the Senate Finance Committee. 2) 3) Flow-through entities do not have to file tax returns since they are not taxable entities. 3) 4) 4) Generally, the statute of limitations is three years from the later of the date the tax return is filed or the due date. 5) Adam Smith's canons of taxation are equity, certainty, convenience, and economy. 5) 6) The annual tax reporting form filed with the IRS by C corporations is the Schedule C. 6) 7) The only business entity that pays federal income taxes is the C corporation. 7) 8) A progressive tax rate structure is one where the rate of tax increases as the tax base increases. 8) 9) 9) Parents must provide more than half the support of their child under the age of 19 in order for the child to be considered as a dependent qualifying child. 10) 10) The marginal tax rate is useful in tax planning because it measures the tax effect of a proposed transaction