Which of the Following Is Correct

question 13

Multiple Choice

Which of the following is correct?

• A) More than 25 percent of collections will result from direct enforcement audit, delinquency control, etc. action for the federal individual income tax.
• B) Administration costs will be substantially greater than compliance costs for typical individual income taxes.
• C) Compliance costs will be substantially greater than collection costs for real property taxes.
• D) The U.S. real property taxes are one example of a taxpayer passive tax.

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Definitions:

Novation

The process of replacing an obligation to perform with a new obligation or substituting a new party to an agreement.

Anticipatory Repudiation

An assertion or action by a party indicating they will not perform their future obligations under a contract, allowing the other party to treat the contract as breached.

Objective Standard

A guideline used in law that is based on what a reasonable person would believe or do under the circumstances, rather than on the subjective intentions of the parties involved.

Illusory Contract

An agreement that lacks a binding obligation from one or more parties, typically because terms are too vague or one party has the option not to perform their promise.