Using the Following Choices, Show the Justification for Each Provision

question 68

Multiple Choice

Using the following choices, show the justification for each provision of the tax law listed.
a. Economic considerations
b. Social considerations
c. Equity considerations
d. Both a. and b.
-A tax credit for amounts spent to furnish care for children while the parent is at work.

• A)Deferral of gains from involuntary conversions
• B)Carryforward of net operating losses
• C)"No change" is a possible result
• D)State income tax applied to a visiting nonresident
• E)IRS special agent
• F)Undoing the "piggyback" result
• G)Ideal budget goal as to new tax legislation
• H)Every state that has a general sales tax has one
• I)Imposed by all states and the Federal government
• J)Imposed by some states but not the Federal government
• K)Imposed only by the Federal government
• L)No correct match provided

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Definitions:

Sherman Antitrust Act

A landmark federal statute in the United States passed in 1890 that prohibits certain business activities that federal government regulators deem to be anti-competitive.

Standard Oil Trust

A historical example of a corporate monopoly in the United States, established by John D. Rockefeller to control oil production and prices.

Corporate Takeovers

The acquisition of one company, called the target company, by another, referred to as the acquiring company.

Financial Defenses

Strategies and measures implemented by individuals, companies, or countries to protect financial assets and income against risks and volatility.