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Explain the purpose of the GATT and the WTO.
Interest
The charge for borrowing money, typically expressed as an annual percentage rate, or the income earned on deposited funds.
Accuracy-Related Penalty
A penalty imposed by the Internal Revenue Service (IRS) for underpayment of taxes due to negligence or disregard of rules and regulations.
Negligence
The failure to exercise reasonable care or to take precautions that could prevent harm, leading to possible legal liability.
Personal Exemptions
Deductions allowed by the IRS on income tax returns for the taxpayer and dependents, phased out in 2018 under the Tax Cuts and Jobs Act.
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