According to the GASB (Governmental Accounting Standards Board), which one of the following is not a criterion for determining whether a government is legally separate?
A. The government has corporate powers including the right to sue and be sued.
B. The government can issue bonded debt.
C. The government can determine its own budget.
D. The government has the power to levy taxes.
E. The government can issue preferred stock.
Answer: E
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