Which of the Following Would Be an Example of Omission

question 197

Multiple Choice

Which of the following would be an example of omission training?

• A) You drink less beer than you once did, because you feel sick after drinking more than one glass.
• B) Because you drive recklessly, you temporarily lose the privilege of driving the family car.
• C) Your employer gives you bonus pay for working overtime.
• D) You turn off a dripping faucet, ending the "drip-drip-drip" sound.

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Definitions:

Adjusted Gross Income

An individual's total gross income minus specific deductions, used to determine taxable income on an income tax return.

FMV

Fair Market Value, which is the price that an asset would sell for on the open market between a willing buyer and a willing seller.

Basis

The amount invested in a property for tax purposes, typically the cost of the property which is used to figure gain or loss on sale.

Taxable Gain

The portion of income or profit on which taxes must be paid, often related to investments or capital assets.