An Asset Can Be Disposed of by

question 36

Multiple Choice

An asset can be disposed of by

• A)Discarding
• B)Selling
• C)Exchanging
• D)Donating it to charity
• E)All of these

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Definitions:

Tax Base

The measure or value upon which a tax is levied.

Incidence

In economics, the allocation or distribution of a tax's economic burden between buyers and sellers.

Tax Rate Structure

The percentage of a tax base that must be paid in taxes—25 percent of income, for example.

Tax Base

The tax base is the total amount of income, property, assets, or other wealth that is subject to taxation by a taxing authority.