Match Each Term with the Correct Statement Below

question 16

Multiple Choice

Match each term with the correct statement below.
-Direct reduction in the income tax liability often created by Congress to further a public purpose.

• A)Ad valorem tax
• B)Deduction
• C)Excise tax
• D)Exclusion
• E)Expense
• F)Gain
• G)Loss
• H)Ordinary income
• I)Pay-as-you-go concept
• J)Personal property
• K)Real property
• L)Self-assessment
• M)Standard deduction
• N)Statute of limitations
• O)Tax base
• P)Tax credit

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Definitions:

Indefinite Period

A time span without a specified end date, characterized by an absence of defined duration.

Part Performance

A doctrine that permits the courts to enforce an unwritten contract concerning land where certain conditions have been met.

Specific Performance

A legal remedy where a court orders a party to perform their obligations under a contract, rather than simply paying damages for breach.

Memorandum

A written record or communication used in business or diplomatic activities.