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The Following Questions Refer to the Excerpt Below

question 5

Multiple Choice

The following questions refer to the excerpt below.
"For decades,the United States has not been in complete control of its borders.As a result,many who want to work in our economy have been able to sneak across our border and millions have stayed….We are a nation of laws,and we must enforce our laws.We're also a nation of immigrants,and we must uphold that tradition,which has strengthened our country in so many ways.These are not contradictory goals.America can be a lawful society and a welcoming society at the same time.We will fix the problems created by illegal immigration,and we will deliver a system that is secure,orderly,and fair.So I support comprehensive immigration reform that will accomplish…clear objectives. First,the United States must secure its borders.This is a basic responsibility of a sovereign nation.It is also an urgent requirement of our national security.Our objective is straightforward: The border should be open to trade and lawful immigration,and shut to illegal immigrants,as well as criminals,drug dealers,and terrorists."
President George W.Bush,Address to the Nation,May 15,2006
-One reason that maintaining reasonably open borders was so important was that

Definitions:

Deferred Payments

Payments or income that are delayed to a future date, which can have various tax implications depending on the nature of the deferral and the tax rules applicable.

Adjusted Basis

The original value of an asset adjusted for factors such as depreciation or improvements.

Like-kind Exchange

A tax deferment strategy allowing for the exchange of similar types of property without the immediate tax liability.

FMV

stands for Fair Market Value, which is the estimated price an asset would sell for on the open market under current conditions.